____ 8. Which of the following statements about adjusting entries is NOT true? a. They are recorded on a daily basis as transactions occur. b. They are posted at the end of an accounting period. c. They do not affect the cash account. d. None of these are true. ____ 9. Bay Graphics pays its employees each Friday for a five-day total workweek. The payroll is $9,000 per week. If the end of the accounting period occurs on a Wednesday, the adjusting entry to record wages payable would include a: a. Debit to Salary Expense of $3,600 b. Debit to Salary Expense of $5,400 c. Credit to Cash of $9,000 d. Credit to Salaries Payable of $3,600 ____ 10. Which of the following types of accounts will always be credited when a prepaid expense account is adjusted? a. Assets b. Liabilities c. Revenues d. Expenses ____ 11. On August 1, 2009, Base Line Realty purchased a two-year insurance policy for $15,000. On that date, the company debited Prepaid Insurance for $15,000. The adjusting entry on December 31, 2009, would include a debit to a. Prepaid Insurance for $2,500 b. Prepaid Insurance for $3,125 c. Insurance Expense for $3,125 d. Insurance Expense for $2,500 ____ 12. Given the following data, what is the amount in the supplies account to be shown as an asset on the balance sheet at the end of the period? Supplies (beginning of period) $500 Supplies purchased (during period) 425 Supplies used (during period) 375 a. $350 b. $550 c. $375 d. $425 ____ 13. If a company receives rent for January 2009 from a tenant in December 2008, that rent would be a. A revenue in 2008 b. An asset in 2008 c. An expense in 2008 d. A liability in 2008

8. Which of the following statements about adjusting entries is NOT true? a. They are recorded on a daily basis as transactions occur. b. They are posted at the end of an accounting period. c. They do not affect the cash account. d. None of these are true. 9. Bay Graphics pays its employees each Friday for a five-day total workweek. The payroll is $9,000 per week. If the end of the accounting period occurs on a Wednesday, the adjusting entry to record wages payable would include a : a. Debit to Salary Expense of $3,600 b. Debit to Salary Expense of $5,400 c. Credit to Cash of $9,000 d. Credit to Salaries Payable of $3,600 10. Which of the following types of accounts will always be credited when a prepaid expense account is adjusted? a. Assets b. Liabilities c. Revenues d. Expenses 11. On August 1, 2009, Base Line Realty purchased a two-year insurance policy for $15,000. On that date, the company debited Prepaid Insurance for $15,000. The adjusting entry on December 31,2009 , would include a debit to a. Prepaid Insurance for $2,500 b. Prepaid Insurance for $3,125 c. Insurance Expense for $3,125 d. Insurance Expense for $2,500 12. Given the following data, what is the amount in the supplies account to be shown as an asset on the balance sheet at the end of the period? Supplies (beginning of period) Supplies purchased (during period) $500 425 375 a. $350 b. $550 c. $375 d. $425 13. If a company reccives rent for January 2009 from a tenant in December 2008, that rent would be a. A revenue in 2008 b. An asset in 2008 c. An expense in 2008 d. A liability in 2008