CH7-GA-07. A physical inventory count should be taken periodically A. Only if a periodic inventory tracking system is used B. Only if a perpetual inventory tracking system is used C. By all merchandising companies unless the specific identification system is used. D. By all merchandising companies. CH7-GA-08. What type of account is Dividends? A. Expense B. Asset C. Equity D. Liability CH7-GA-09. The company pays a $6,000 insurance premium on December 31, 2020. The policy term in January 1 - June 30, 2021. What is the journal entry related to this policy, if any, for the month of March, 2021? A. DR Insurance Expense 3,000; CR Prepaid Insurance 3,000 B. DR Insurance Expense 1,000; CR Prepaid Insurance 1,000 C. DR Insurance Expense 1,000: CR Accounts payable 1,000 D. There is no entry in March for the premium paid in December. The amount of an employee's paycheck after deductions are taken out is called CHS-GA-10. A. Gross pay B. Net pay C. Billable pay D. Gross compensation CHS-GA-11. Which of the following would not be withheld from employee wages? A. Social security taxes B. Federal income taxes C. Medicare taxes D. Federal unemployment taxes CHS-GA-12. Employees earned a total of $10.000 in January. Taxes of $2.000 were withheld from employee checks. Employer payroll taxes totaled $1,000 for the month. Salaries expense for January would be reported at: A. $8,000 B. $10,000 C. $11,000 D. $12,000 E. $13,000