1- The beginning capital balance shown on a statement of owner's equity is $46,000. Net income for the period is $14,000 and the owner withdrew $18,000 cash from the business and made no additional investments during the period. The owner's capital balance at the end of the period is

a)42,000

b)50,000

c)60,000

d)78,000

2- Hugh Morris Company pays weekly wages of $18,500 every Friday for a five day week ending on that day. If the last day of the year is on Tuesday, the adjusting entry to record the accrued wages is:

-debit Wages Expense $7,400; credit Wages Payable $7,400

-debit Wages Expense $7,400; credit Drawing $7,400

-debit Wages Expense $7,400; credit Cash $7,400

-debit Wages Expense $11,100; credit Wages Payable $11,100