10. Corp. A records depreciation for the year in the amount of $2,000. To record the event, Corp. A should ... A Debit Accumulated Depreciation for $2,000 B Debit Equipment Expense for $2,000 Credit Cash for $2,000 D Credit Accumulated Depreciation for $2,000 E None of the above 11. A company's general ledger account balances as of the end of 20x7 are reproduced below. Dr Cr Cash 10,000 Accounts Receivable 25,000 Machinery 10,000 Accumulated Depreciation 5,000 Accounts Payable 5,000 Common Stock 10,000 Retained Earnings 12,000 Dividends 1,000 Service Revenue 56,000 Rent Expense 12,000 Salary Expense 30.000 Which of the listed accounts would the company "close out" as of the end of year 20x7? A Accumulated Depreciation B Retained Earnings Machinery D Dividends E None of the above 12. On August 17, 20x5, Corp. A received a $10,000 advance payment for services that it will perform in September, 20x5 Assume that Corp. A recorded the receipt using the balance sheet approach. Assume that it is now September 21, 20x5 and that Corp. A has completed the assignment. To record the completion of the assignment, Corp. A should ... A Debit Deferred Revenue for 10,000 B Credit Deferred Revenue for 10,000 C Debit Cash for $10,000 D Debit Revenue for $10,000 E None of the above 13. Assume that a business (corporation) pays its employees on Friday of each week for services performed during the period Monday through Friday of that week. Assume also that the business maintains its accounting records on a calendar year basis and that December 31 of the current year falls on a Wednesday. Assume that the total salary for all of its employees is $10,000 per day and that the business uses the accrual method of accounting. As of December 31 of the current year, the business should ... A. Debit Salary Expense for $20,000 B. Credit Salary Payable for $30,000 C. Debit Salary Payable for $30,000 D. Credit Salary Payable for $50,000 E. None of the above 14. Assume that a business (corporation) routinely records the purchase of office supplies using the balance sheet method. Assume also that the business had a balance of $4,200 in its Office Supplies Inventory account at the beginning of the year and that it purchased $7,000 of office supplies during the year. At the end of the year, an inventory reveals the existence of $3,000 of office supplies on hand. To adjust its accounting records as of the end of the year, the business should ... A. Debit Office Supplies Inventory for $3,000 Credit Office Supplies Expense for $8,200 C. Debit Office Supplies Inventory for $3,000 D. Debit Office Supplies Expense for $8,200 E. None of the above 15. Which of the listed factors is not an element of the fraud triangle? A. Opportunity B. A weak board of directors C. Rationalization D. All are elements of the fraud triangle E. None are elements of the fraud triangle 10. Corp. A records depreciation for the year in the amount of $2,000. To record the event, Corp. A should ... A Debit Accumulated Depreciation for $2,000 B Debit Equipment Expense for $2,000 Credit Cash for $2,000 D Credit Accumulated Depreciation for $2,000 E None of the above 11. A company's general ledger account balances as of the end of 20x7 are reproduced below. Dr Cr Cash 10,000 Accounts Receivable 25,000 Machinery 10,000 Accumulated Depreciation 5,000 Accounts Payable 5,000 Common Stock 10,000 Retained Earnings 12,000 Dividends 1,000 Service Revenue 56,000 Rent Expense 12,000 Salary Expense 30.000 Which of the listed accounts would the company "close out" as of the end of year 20x7? A Accumulated Depreciation B Retained Earnings Machinery D Dividends E None of the above 12. On August 17, 20x5, Corp. A received a $10,000 advance payment for services that it will perform in September, 20x5 Assume that Corp. A recorded the receipt using the balance sheet approach. Assume that it is now September 21, 20x5 and that Corp. A has completed the assignment. To record the completion of the assignment, Corp. A should ... A Debit Deferred Revenue for 10,000 B Credit Deferred Revenue for 10,000 C Debit Cash for $10,000 D Debit Revenue for $10,000 E None of the above 13. Assume that a business (corporation) pays its employees on Friday of each week for services performed during the period Monday through Friday of that week. Assume also that the business maintains its accounting records on a calendar year basis and that December 31 of the current year falls on a Wednesday. Assume that the total salary for all of its employees is $10,000 per day and that the business uses the accrual method of accounting. As of December 31 of the current year, the business should ... A. Debit Salary Expense for $20,000 B. Credit Salary Payable for $30,000 C. Debit Salary Payable for $30,000 D. Credit Salary Payable for $50,000 E. None of the above 14. Assume that a business (corporation) routinely records the purchase of office supplies using the balance sheet method. Assume also that the business had a balance of $4,200 in its Office Supplies Inventory account at the beginning of the year and that it purchased $7,000 of office supplies during the year. At the end of the year, an inventory reveals the existence of $3,000 of office supplies on hand. To adjust its accounting records as of the end of the year, the business should ... A. Debit Office Supplies Inventory for $3,000 Credit Office Supplies Expense for $8,200 C. Debit Office Supplies Inventory for $3,000 D. Debit Office Supplies Expense for $8,200 E. None of the above 15. Which of the listed factors is not an element of the fraud triangle? A. Opportunity B. A weak board of directors C. Rationalization D. All are elements of the fraud triangle E. None are elements of the fraud triangle