1.

A delivery vehicle was purchased for $36,000 on February 1. The vehicle has a physical life of nine years but is expected to be replaced after six-years. If the companys fiscal year is November 30, the year end adjusting entry for the vehicle would be:

Select one:

a.

debit Accumulated Depreciation, $4,500; credit Depreciation Expense, $4,500.

b.

debit Depreciation Expense, $500; credit Delivery Vehicle, $500.

c.

debit Depreciation Expense, $6,000; credit Accumulated Depreciation, $6,000.

d.

debit Depreciation Expense, $5,000; credit Accumulated Depreciation, $5,000.

e.

Debit Depreciation Expense, $5,500; credit Delivery Vehicle, $5,500.

2..

Inventory is purchased on account from a supplier. The retailer uses a periodic inventory system. When the accounts payable is paid within the discount period, which accounts are debited and credited?

Select one:

a.

debit cash; debit purchase discounts; credit accounts payable

b.

debit cash; debit merchandise; credit accounts payable

c.

debit accounts payable; credit inventory; credit cash

d.

debit accounts payable; credit purchase discounts; credit cash

Q3.

A company has a weekly payroll of $31,000 which is paid each Friday (a five-day work week, Monday to Friday). November 30 falls on a Wednesday. What is the correct adjusting journal entry?

Select one:

a.

Debit salaries expense, $6,200, Credit salaries payable, $6,200.

b.

Debit salaries payable, $31,000, Credit cash, $31,000.

c.

Debit salaries payable, $31,000, Credit cash, $31,000.

d.

Debit salaries expense, $12,400, Credit salaries payable, $12,400.

e.

Debit salaries expense, $18,600, Credit salaries payable, $18,600.