On July 1, a company paid the $4,800 premium on a one-year insurance policy with benefits beginning on that date. What will be the insurance expense on the annual income statement for the first year ended December 31? Multiple Choice $2,400. $3,600. O $4,800. O $1,200. The Retained earnings account has a credit balance of $49,000 before closing entries are made. Total revenues for the period are $67,200, total expenses are $45,800, and dividends are $13,800. What is the correct closing entry for the expense accounts? Multiple Choice Credit Expense accounts $45,800; debit Retained earnings $45,800. Debit Expense accounts $49,000; credit Retained earnings $49,000. Debit Income Summary $45,800; credit Retained earnings $45,800. Debit Income Summary $45,800; credit Expense accounts $45,800. An adjusting entry was made on year-end December 31 to accrue salary expense of $1,400. Assuming the company does not prepare reversing entries, which of the following entries would be prepared to record the $3,400 payment of salaries in January of the following year? Multiple Choice 3,400 Salaries Payable Cash 3,400 1,400 Salaries Expense Salaries Payable 1,400 3,400 Salaries Expense Cash 3,400 1,400 Salaries Payable Salaries Expense Cash 2,000 3,400 1,400 Salaries Payable Cash 1,400 A company pays each of its two office employees each Friday at the rate of $130 per day 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-end adjusting entry to record the salaries earned but unpaid is: Multiple Choice Debit Salaries Payable $520 and credit Salaries Expense $520. Debit Salaries Expense $520 and credit Salaries Payable $520. Debit Unpaid Salaries $780 and credit Salaries Payable $780. Debit Salaries Expense $780 and credit Salaries Payable $780. O Debit Salaries Expense $520 and credit Cash $520. O At the beginning of the year, Sigma Company's balance sheet reported Total Assets of $276,000 and Total Liabilities of $21,300 and Total Paid-in capital of $85,200. During the year, the company reported total revenues of $325,000 and expenses of $251,500. Also, dividends during the year totaled $66,000. Assuming no other changes to Retained earnings, the balance in the Retained earnings account at the end of the year would be: Multiple Choice $240,000. O $174,000. O $277,500. $177,000. O O $171,000