Assume that no reversing entries are made by the entity. How would the entity record the transaction for payment of wages if $5200 was accrued for wages at the end of the year and the first payment of wages in the following year was $63 900?

Group of answer choices

DR Salaries payable $5 200; DR Salaries expense $58 700; CR Cash $63 900

DR Salaries expense $69 100; CR Salaries payable $5200; CR Cash $63 900

DR Salaries expense $63 900; CR Salaries payable $5200; CR Cash $58 700

DR Salaries expense $63 900; CR Cash $63 900

Minstrel Ltd decided to issue 200 000 ordinary shares for $2.50 each, payable in instalments, $1 on application, $1 on allotment and the balance payable at the discretion of the company. Applications were received for 220 000 shares. The shares were allotted by the directors at a meeting held a week after the close of applications. After refunding applications for 20 000 shares, which of the following is the correct journal entry to transfer the application money to the share capital account?

Group of answer choices

DR Cash trust account $200 000; CR Share capital account $200 000

DR Application $220 000; CR Share capital $220 000

DR Application $220 000; CR Cash trust account $220 000

DR Application $200 000; CR Share capital $200 000

Blueberry Ltd uses the FIFO assumption with the periodic inventory method. Sales during year were 18 units.

Units Unit cost $ Total cost $

Beginning inventory Jan 1 8 12 96

Purchases Jan 9 15 14 210

Purchases Jan 22 23 15 345

The value of closing stock at the end of the period is