1. The specific identification cost formula may be used when:

Select one:

a. LIFO is permitted by taxation authorities

b. goods are interchangeable.

c. goods are individually identifiable.

d. goods are not unique.

e. goods can not be distinguished from one another.

2. Joe has a weekly payroll of $8,250 and pays its employees every Friday. None of the staff work on weekends. This year, the last day of the companys fiscal year end is a Tuesday. What is the correct adjusting entry to accrue salaries expense?

Select one:

a. DR Salaries Expense $$4,950, DR Salaries Payable $3,300 DR ; CR Cash $8,250

b. DR Salaries Expense $$8,250; CR Salaries Payable $8,250

c. DR Salaries Expense $3,300; CR Salaries Payable $3,300

d. DR Salaries Expense $1,650; CR Salaries Payable $1,650

e. DR Salaries Expense $3,300; CR Salaries Payable $1,650; CR Cash $1,650