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50 The compensation withdrawn by a worker or employee before payroll date. * (1 Point) Wage O Cash Advance Union Dues Withholding Tax 54 Statement 1 - Sale of merchandise on account is recorded in the sales journal Statement 2 - Payment of accounts payable is recorded on cash receipts journal. * (1 Point) h True False True True False. True False, False 56 Which of the following statement is false with regards to Work in Process? * (1 Point) Work in process is partially completed inventory Work in process consist of Raw materials. Direct labor and Factory Overhead Work in process inventory is debited to record direct materials used Work in process inventory is credited when goods are sold 61 An account is said to have a debit balance if* in (1 Point) the amount of the debits exceeds the amount of the credits there are more entries on the debit side than on the credit side there are more entries on the credit side than on the debit side the first entry of the accounting period was posted on the debit side 62 Which of the following will you expect in an income statement?* T (1 Point) O Accounts Payable Professional Fees Owner's Capital I Accounts Receivable