#16: The total weekly payroll for Classic Cars Inc. is $5,000 ($1,000 per day). Employees get paid weekly on the Saturday following the five day work week. Salaries were paid last Saturday, October 27. Classic Cars Inc. year-end is October 31 (which falls on a Wednesday). Salaries will be paid next Saturday, November 3. What will the adjusting journal entry be for the October 31 year-end in relation to the salaries? a. Dr. Cash $3,000; Cr. Wage Payable $3,000 b. Dr. Wage Expense $3,000; Cr. Wage Payable $3,000 c. Dr. Wage Expense $5,000 : Cr. Wage Payable $5,000 d. Dr. Wage Payable $5,000 : Cr. Cash $5,000 #17: ABC Company received $3,000 from a customer in cash on December 1, 2018 for work that would be done December 20, 2018. On December 1 they Dr. Cash and Cr. Unearned revenue. If ABC Company performed the service but failed to adjust the unearned revenue account at the end of the fiscal period (December 31, 2018), what affect would this have on ABC Company's financial statements? a. No Effect b. Liabilities will be understated; shareholders equity will be overstated c. Liabilities will be overstated, shareholders equity will be understated d. Expenses will be overstated; shareholder's equity will be overstated #18: Which item would you not see on the operating expense section of a multi-step income statement for a merchandising company like a clothing store? a. Cost of goods sold b. Utilities Expense c. Wages and salaries expense d. Bank charges #19: Angel Hair Limited gathered the following reconciling information in preparing its November bank reconciliation: $36 10 Cash balance her boole November 30