1) What type of account is salaries payable?

A. Asset

B. Expense

C. Liability

D. Owner's equity

2) The adjusting entry for accrued salaries is to:

A. debit Salaries Expense; credit Salaries Payable.

B. debit Salaries Expense; credit Cash.

C. debit Salaries Payable; credit Salaries Expense.

D. debit Cash; credit Salaries Expense.

3) The entry to close the expense account(s) was entered in reverseIncome Summary was credited and the expense account(s) was/were debited. The result of this error is that:

A. before closing it, Income Summary will have a credit balance.

B. before closing it, Income Summary will have a debit balance.

C. the assets will be overstated.

D. the liabilities will be overstated.