ha day. The adjnting entry necessary ot the end of the fiscal period ending on Thrsday is Cash 512,00 a) Debi Salaries Payable, $12,000, ce Debt Salary Expense, $12,00 credit Salaries Payable, $12.000 Debit Dwings, $12.000 credit Cash, $12,00 n the prepaid rent acount before ndjustment at the end of the year is $12,000 epresents three months ent paid on December 1. The adjusting entry eguired on 2) The aance in Debe Prepaid Rent, 54,000, credit Rent Expense,54,000 Debit Rent Expenne, 54,000, crodie Prepaid Rent, 54,000 ) Debit Prepaid Rent,58,000, credit Rent Expense, 58,000 d) Debit Rent Expense, 58,000 credit Prepaid Rent, 58,000 X230h December 8, a S60,000, 90day, 9% ncer was received from iady Anne's Co. on actua. The npriate abuting entry for accrued interest on December 31 would be a) Debit Interest Receivable, $345: Credit Interest Revenue, $345 b) Debit Interest Receivable, $1,350, Credit Interest Revenue, $1,35o e) Debit Cash, 51,350, Credit Interest Revenue, $1,350 d) Debit Cash, 5345; Credit Interest Revenue, $345 24) There are two closing entries. The first one is to closethe second one is to close a) Revenues; expenses b) Dranwing account, revenues c) Drawing account; expenses d) Revenues and expenses; drawing acco 25) Afher porsting the fint closing entry to the owner's capial account,the balance in the capital account will be increased (decreased) by a) Owner's equity b) Zero c) Net income (net loss) for the period Revenues for the period 26) The entry to close the appropriste insurance account at the end of the accounting period is a Capital account, debit; Insurance Expense, credit b) Capital account, debit; Prepaid Insurance, credit e) Prepaid Insurance, debit; Capital account, credit d) Insurance Expense, debit, Capital account, credit 27) Which of the following accounts should be closed to the Capital account at the end of the year? a) Fees Earned b) Uneamed Rent c) Accounts Payable