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1. Which of the following would be the adjusting journal entry to recognize earned but unpaid wages for the period? a Dr. Wages Expense, Cr.

1. Which of the following would be the adjusting journal entry to recognize earned but unpaid wages for the period?

a

Dr. Wages Expense, Cr. Cash

b

Dr. Wages Payable, Cr. Cash

c

Dr. Wages Payable, Cr. Wages Expense

d

Dr. Wages Expense, Cr. Wages Payable

2. Which of the following would be the effect of a transaction to record the portion of prepaid rent that has expired in a period?

a. increase Prepaid Rent, decrease Rent Expense

b

increase Rent Expense, decrease Cash

c

increase Prepaid Rent, decrease Cash

d

increase Rent Expense, decrease Prepaid Rent

3. If the company had a loan outstanding, which of the following would be used to record accrued interest at the end of the accounting period?

a. increase Interest Expense, decrease Cash

b

increase Interest Expense, increase Interest Payable

c

decrease Interest Payable, increase Interest Income

d

decrease Interest Payable, decrease Cash

4. On March 31, 2020 Exacto Company paid $5,200 for a 1-year insurance policy. To record this transaction Exacto Company should

a. decrease Cash and increase Insurance Expense.

b.

decrease Cash and increase Prepaid Insurance.

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