1. Adjusting entries are required at the end of the period for some accounts. (1) Explain why this process is required (15 points) and (2) develop the adjusting entry at the end of the period for salary payable to employees $2400

2. As required to complete Course Project 1, one must follow the cycle that includes 10 steps to complete the accounting cycle. (1) Explain how the debit/credit rules are used when developing journal entries (15 points) and (2) provide an example of the application of the debit/credit rules in the form of a journal entry. (10 points)

3. Internal Control Procedures are required to safeguard company assets and to ensure ethical operation of the business. (1) Explain how limited access can satisfy the purpose of internal control (15 points) and (2) provide an example of how this control could be implemented. (10 points)

4. Inventory valuation methods determine the cost of goods sold and the inventory balance. (1) Explain how the First in First out (FIFO) method is applied (15 points) and (2) provide an example of the impact that this method of inventory valuation will have on Gross Profit. (10 points)

5. To evaluate the financial operation and health of a business ratio analysis is used. (1) Provide the formula for the Debt Ratio and explain how it is computed (10 points) and (2) provide an example of how this ratio can be used in decision-making in business. (15 points)

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