1-Expenses incurred but not yet paid or recorded are called:*

Prepaid expenses

Accrued expenses

Interim expenses

Unearned expenses

2-A Company signed a four-month note payable in the amount of $8,000 on September 1. The note requires interest at an annual rate of 9%. The amount of interest to be accrued at the end of September is:*

$240

$60

$720

$80

3-A Company purchased office supplies costing $6,000 and debited Office Supplies for the full amount. At the end of the accounting period, a physical count of office supplies revealed $2,400 still on hand. The appropriate adjusting journal entry to be made at the end of the period would be:*

Debit Office Supplies Expense, $2,400; Credit Office Supplies, $2,400

Debit Office Supplies, $3,600; Credit Office Supplies Expense, $3,600

Debit Office Supplies Expense, $3,600; Credit Office Supplies, $3,600

Debit Office Supplies, $2,400; Credit Office Supplies Expense, $2,400

4-Zar Company paid employee wages on and through Friday, January 26, and the next payroll will be paid in February. There are three more working days in January (29-31). Employees work 5 days a week and the company pays $900 a day in wages. What will be the adjusting entry to accrue wages expense at the end of January?*

5-A Company purchased a computer for $4,800 on December 1. It is estimated that annual depreciation on the computer will be $960. If financial statements are to be prepared on December 31, the company should make the following adjusting entry:*

Debit Depreciation Expense, $960; Credit Accumulated Depreciation, $960

Debit Depreciation Expense, $80; Credit Accumulated Depreciation, $80

Debit Depreciation Expense, $3,840; Credit Accumulated Depreciation, $3,840

Debit Office Equipment, $4,800; Credit Accumulated Depreciation, $4,800

6-A Company has performed $500 of CPA services for a client but has not billed the client as of the end of the accounting period. What adjusting entry must the company make?*

Debit Cash and credit Unearned Revenue $500

Debit Accounts Receivable and credit Service Revenue $500

Debit Unearned Revenue and credit Service Revenue $50

None of the above