1. August 2020 is the first month of business for George Inc and they are preparing their first month of financial statements. Below is some information related to unrecorded expenses that the business incurred during August:

On August 31st,2020 George Inc owed its employees $800 of wages that will be paid on September 1st. What is the correct adjusting journal entry on August 31st, 2020?

Question 4 options:

	Debit: Wages Expense $800; Credit: Wages Payable $800
	Debit: Wages Payable $800; Credit: Wages Expense $800
	Debit: Prepaid Wages $800; Cash: $800
	No entry is required

2.

August 2020 is the first month of business for George Inc and they are preparing their first month of financial statements. Below is some information related to unrecorded expenses that the business incurred during August:

At the end of the month, George Inc had not yet received the months telephone bill. The company estimated it would be $300. What is the correct adjusting journal entry on August 31st, 2020?

Question 5 options:

	Debit: Utilities Expense $300; Credit: Accounts Payable $300
	Debit: Accounts Payable $300; Credit: Utilities Expense $300
	Debit: Utilities Expense $300; Credit: Cash $300
	Debit: Cash $300; Credit: Utilities Expense: $300

3.

August 2020 is the first month of business for George Inc and they are preparing their first month of financial statements. Below is some information related to unrecorded expenses that the business incurred during August:

On August 1st, George Inc purchased a piece of equipment for $2,400. It was expected to have no residual value and a useful life of 2 years. George plans to adjust all accounts monthly. What is the correct adjusting journal entry on August 31st, 2020?

Question 6 options:

	Debit: Depreciation Expense $1,200; Credit: Accumulated Depreciation $1,200
	Debit: Accumulated Depreciation $1,200; Credit: Depreciation Expense $1,200
	Debit: Depreciation Expense $100; Credit: Accumulated Depreciation $100
	No entry is required