An account linked with another account that has the opposite normal balance and that is subtracted from the balance of the related account is a(n): (A) Accrued expense (B) Contra account (C) Accrued revenuer (D) Intangible asset (E) Adjunct account TL Prior to recording adjusting entries, the Office Supplies account had a $359 debit balance. A physical count of the supplies showed $105 of unused supplies available. The required adjusting entry is: (A) Office Supplies 105 Office Supplies Expense 105 (B) Office Supplies Expense 105 Office Supplies 105 (C) Office Supplies Expense 254 Office Supplies 254 (D) Office Supplies 254 Office Supplies Expense 254 (E) Office Supplies 105 Office Supplies Expense 254 43 A Company pays each of its two office employees each Friday at the rate of $100 per day each 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-ending adjusting entry to record the salaries earned but unpaid is: 600 (A) Unpaid Salaries 600 Salaries Payable (B) Salaries Expense 400 Salaries Payable 400 (C) Salaries Expense 600 Salaries Payable 600 (D) Salaries Payable 400 Salaries Expense 400 (E) Salaries Expense 400 Cash 400 44 On April 1, 2018 a company paid the $1,350 premium on a three-year insurance policy with benefits beginning on that date. What will be the Insurance Expense on the annual Income Statement for the year ended December 31, 2018? $1,350.00 (A) $450.00 (B) $1,012.50 (C) $337.50 (D) $37.50 (E) 5 Which of the following events is not a transaction which would be recorded in a company's accounting records? (A) The purchase of equipment on credit (B) The purchase of marketable securities (C) Initial investment by owner in an unincorporated business (D) Signing a three year lease on November 23, 2019 for office space beginning January 1, 2020 (E) All of the above would be recorded 8 $ % @ % *@