24. A fiscal year ID: A a. ordinarily begins on the first day of a twelfth month for a business is det b. on the first day of a month and ends on the last day of the following ss is determined by the federal government 25. On March 1, a on January 1 and ends on December 31 of the same year at the height of the business's andual operating cycle account. The company collects revenue in advance for the next twelve months and credits a liabilsy .ncrease ry at year end on the work sheet would collects ust a liability account b. c. d. decrease an asset account decrease a revenue account decrease a liability account 26. The supplies account has a balance of $2,100 at the beginning of the year and was debited during the year for representing the total of supplies purchased during the year. If $400 of suppli the supplies expense to be reported on the income statement for the year is a. $400 b. $200 c. $4,800 d. $4,000 27. repaid Rent pay ment of S3,500 on January 1st. The company's mothlyrent ss700 Austin, Inc. made a P ount of Prepaid Rent that would appear on the January 31 balance sheet after adjustment is: a. $2,800 b. $700 c. $3,500 d. $1,750 five-day workweek. The adjusting entry on December 31, 2015 assuming the year ends on Thursday would Post er 1. Protonix Corp has a payroll of $8,000 for a five-day workweek. Its employees are paid each Friday for the Credit Debit be: Description Ref Date