20 3 points The journal entry to issue 100,000 shares of $5 par common stock for $7.00 per share should be: Debit cash $500.000, debit PIC in Excess of Par $200,000, credit common stock $700,000. Debit cash $100,000, credit common stock $100,000 Debit cash $500,000, credit common stock $500,000. Debit cash $700,000, credit common stock 5500,000 and credit PIC in Excess of Par $200,000, 21 points Adjusting entries: O Must be prepared at the beginning of the accounting period to update all accounts, Are not needed under the accrual basis of accounting, Are prepared at the option of the accountant O Must be prepared at the end of the accounting period to update certain accounts 22 points During a recent work, a company incurred salaries of $800. However, $480 of the salaries had not been pald by year end. The adjusting entry for salaries would be: O Debit Salaries Expense, $480; credit Salarles Payable, $480 Debit Salaries Expeme, 5320;credit Salaries Payable, 5320 O Debit Salaries Payable, $320; credit Salaries Expense $320, Debit Salaries Payable, 5480: Credit Salaries Expense, 5480