29. Prepaid expenses are a. paid and recorded in an asset account before they are used or consumed. b. paid and recorded in an asset account after they are used or consumed. c. incurred but not yet paid or recorded. d. incurred and already paid or recorded. 30. Accrued expenses are a. paid and recorded in an asset account before they are used or consumed. b. paid and recorded in an asset account after they are used or consumed. c. incurred but not yet paid or recorded. d. incurred and already paid or recorded 31. nearned revenues are a. received and recorded as liabilities before they are earned. b. earned and recorded as liabilities before they are received. C. earned but not yet received or recorded. d. earned and already received and recorded. 32. Quirk 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 a. Debit Office Supplies Expense, $2,400; Credit Office Supplies, $2,400. b. Debit Office Supplies, $3,600; Credit Office Supplies Expense, $3,600. c. Debit Office Supplies Expense, $3,600; Credit Office Supplies, $3,600. d. Debit Office Supplies, $2,400; Credit Office Supplies Expense, $2,400. 33. Hardy 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: a. Debit Depreciation Expense, $960; Credit Accumulated Depreciation, $960. b. Debit Depreciation Expense, $80; Credit Accumulated Depreciation, $80. c. Debit Depreciation Expense, $3,840; Credit Accumulated Depreciation, $3840