51. On March 12, Klein Company sold merchandise in the amount of $9,800 to Babson Company, with credit terms of 3/10, n/30. The cost of the items sold is $5,500. Klein uses the perpetual inventory system and the net method of accounting for sales. On March 15, Babson returns some of the merchandise, which is not defective. The selling price of the returned merchandise is $800 and the cost of the merchandise returned is $450. The entry(ies) that Klein must make on March 15 is (are): 60)In its first year of business, Borden Corporation had sales of $2,110,000 and cost of goods sold of $1,255,000. Borden expects returns in the following year to equal 6% of sales. The adjusting entry or entries to record the expected sales returns is (are): 61)After preparing and posting the closing entries for revenues and expenses, the income summary account has a debit balance of $25,000. The entry to close the income summary account will be:

62)A company pays each of its two office employees each Friday at the rate of $140 per day for a five-day week that begins on Monday. If the monthly accounting period ends on Tuesday and the employees worked on both Monday and Tuesday, the month-end adjusting entry to record the salaries earned but unpaid is: 63)On September 12, Ryan Company sold merchandise in the amount of $8,800 to Johnson Company, with credit terms of 3/10, n/30. The cost of the items sold is $5,500. Ryan uses the periodic inventory system and the net method of accounting for sales. The journal entry or entries that Ryan will make on September 12 is (are): 64)If the liabilities of a business increased $107,000 during a period of time and the owner's equity in the business decreased $46,000 during the same period, the assets of the business must have increased or decreased by how much? 65)If the liabilities of a business increased $107,000 during a period of time and the owner's equity in the business decreased $46,000 during the same period, the assets of the business must have understated or overstated by how much?