8 Company C has two office employees who earn $100 a day each and are paid on Friday for a five day workweek that begins on Monday If December 31 fell on Wednesday, and the two employees worked all three days Monday, Tuesday and Wednesday, what is the amount of accrued salary expense at December 31 for the two employees A 400 B 600 C 800 D 1000 E None of the above 9 If the net income is 7,000 , what is the closing entry to close the income summary account The owner s name is Reyes A Dr Income Summary 7000 Cr Reyes, Withdrawals 7,000 B Dr Income Summary 7,000 Cr Net Income 7,000 C Dr Reyes, Capital 7,000 Cr Reyes, Withdrawals 7,000 D Dr Net Income 7,000 Cr Income Summary 7,000 E None of the above 10 Company X has incurred $2,000 of interest expense What is the adjusting journal entry to record this adjustment A Dr Interest Expense 2000 Cr Interest Payable 2000 B Dr Interest Revenue 2000 Cr Interest Receivable 2000 C Dr Interest Expense 2000 Cr Interest Revenue 2000 D Dr Interest Payable 2000 Cr Interest Expense 2000 E None of the above 11 If the balance in Wage Expense is 4,000 Debit what is the closing entry to close the expense account A Dr Wage Expense 4,000 Cr Income Summary 4000 B Dr Income Summary 4,000 Cr Wage Expense 4000 C Dr Repair Revenue 4,000 Cr Wage Expense 4,000 D Dr Wage Expense 4,000 Cr Reyes, Capital 4,000 E None of the above 12 What is the adjusting journal entry to record depreciation expense on equipment A Dr Depreciation Expense, Equipment Cr Cash B Dr Cash Cr Depreciation Expense, Equipment C Dr Depreciation Expense, Equipment Cr Accumulated Depreciation, Equipment D Dr Accumulated Depreciation, Equipment Cr Depreciation Expense, Equipment 13 Salaries of $5,000 are earned by workers but not paid as of December 31, 2020 What is the adjusting journal entry to record this adjustment A Dr Salaries Payable 5000 Cr Salaries Expense 5000 B Dr Salaries Expense 5000 Cr Salaries Payable 5000 C Dr Cash 5000 Cr Salaries Expense 5000 D Dr Salaries Expense 5000 Cr Cash 5000 E None of the above 14 During December Company X designed a landscape plan and the client prepaid $24,000 which Company X recorded as Unearned Revenue All of the work related to $24,000 cash received in advance is performed during the current year What is the adjusting journal entry to record this adjustment A Dr Service Revenue 24,000 Cr Unearned Revenue 24,000 B Dr Unearned Revenue 24,000 Cr Service Revenue 24,000 C Dr Cash 12,000 Cr Service Revenue 12,000 D Dr Unearned Revenue 12,000 Cr Service Revenue 12,000 E None of the above

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8. Company C has two office employees who earn $100 a day each and are paid on Friday for a five-day workweek that begins on

8. Company C has two office employees who earn $100 a day each and are paid on Friday for a five-day workweek that begins on Monday. If December 31 fell on Wednesday, and the two employees worked all three days Monday, Tuesday and Wednesday, what is the amount of accrued salary expense at December 31 for the two employees?

		A. 400
		B. 600
		C. 800
		D. 1000
		E. None of the above

9. If the net income is 7,000 , what is the closing entry to close the income summary account? The owner s name is Reyes. ?

		A. Dr. Income Summary 7000; Cr. Reyes, Withdrawals 7,000
		B. Dr. Income Summary 7,000 Cr. Net Income 7,000
		C. Dr. Reyes, Capital 7,000 Cr. Reyes, Withdrawals 7,000
		D. Dr. Net Income 7,000 Cr. Income Summary 7,000
		E. None of the above

10. Company X has incurred $2,000 of interest expense? What is the adjusting journal entry to record this adjustment?

		A.Dr. Interest Expense 2000; Cr. Interest Payable 2000
		B.Dr. Interest Revenue 2000; Cr. Interest Receivable 2000
		C. Dr. Interest Expense 2000; Cr. Interest Revenue 2000
		D.Dr. Interest Payable 2000; Cr. Interest Expense 2000
		E.None of the above

11. If the balance in Wage Expense is 4,000 Debit what is the closing entry to close the expense account?

		A. Dr. Wage Expense 4,000 Cr. Income Summary 4000
		B. Dr. Income Summary 4,000 Cr. Wage Expense 4000
		C. Dr. Repair Revenue 4,000 Cr. Wage Expense 4,000
		D. Dr. Wage Expense 4,000 Cr. Reyes, Capital 4,000
		E. None of the above

12. What is the adjusting journal entry to record depreciation expense on equipment?

		A. Dr. Depreciation Expense, Equipment Cr. Cash
		B. Dr. Cash Cr. Depreciation Expense, Equipment
		C. Dr. Depreciation Expense, Equipment Cr. Accumulated Depreciation, Equipment
		D. Dr. Accumulated Depreciation, Equipment Cr. Depreciation Expense, Equipment

13. Salaries of $5,000 are earned by workers but not paid as of December 31, 2020. What is the adjusting journal entry to record this adjustment?

		A.Dr. Salaries Payable 5000; Cr. Salaries Expense 5000
		B.Dr. Salaries Expense 5000; Cr. Salaries Payable 5000
		C. Dr. Cash 5000; Cr. Salaries Expense 5000
		D. Dr. Salaries Expense 5000; Cr. Cash 5000
		E.None of the above

14. During December Company X designed a landscape plan and the client prepaid $24,000 which Company X recorded as Unearned Revenue. All of the work related to $24,000 cash received in advance is performed during the current year. What is the adjusting journal entry to record this adjustment?

		A.Dr. Service Revenue 24,000; Cr. Unearned Revenue 24,000
		B. Dr. Unearned Revenue 24,000; Cr. Service Revenue 24,000
		C. Dr. Cash 12,000; Cr. Service Revenue 12,000
		D. Dr. Unearned Revenue 12,000; Cr. Service Revenue 12,000
		E. None of the above