1) If revenues are $267,000, expenses are $218,000 and dividends are $29,500, before it is closed, the Income Summary will have a:

Multiple Choice

• Credit balance of $49,000.

• Debit balance of $19,500.

• Credit balance of $19,500.

• Debit balance of $49,000.

• 2)Gordy's Corporation has ten employees. Each earns $730 per week for a five-day work week ending on Friday. This month, the last day of the month falls on a Thursday. The company should make an adjusting entry:

• Multiple Choice

• Crediting Wage Expense for $5,840 and debiting Wages Payable for $5,840.

• Crediting Wage Expense for $584 and debiting Wages Payable for $584.

• Debiting Wage Expense for $584 and crediting Wages Payable for $584.

• Debiting Wage Expense for $5,840 and crediting Wages Payable for $5,840.