Purchasing office supplies on credit results in: O a. Total Assets Unchanged Total Liabilities Increased O b. Total Assets Decreased Total Liabilities Decreased O c. Total Assets Increased Total Liabilities Increased O d. Total Assets Unchanged Total Liabilities Unchanged O e. Total Assets Decreased Total Liabilities Unchanged Shields Company paid employee wages on and through Friday, January 26, and the next payroll will be paid in February. There are three more working days in January (29-31). Employees work 5 days a week and the company pays $800 a day in wages. What will be the adjusting entry to accrue wages expense at the end of January? Select one: a. 800 Wage Expense Wage Payable 800 O b. Wage Expense Wage Payable 4,000 4,000 2,400 O c. Wage Expense Wage Payable 2,400 O d. No adjusting entry required Which transaction would result in an increase in total equity and an increase in net income? O a. Accrual of an expense O b. Payment of a liability O c. Receipt of cash for services performed and recognized earlier O d. Receipt of cash for services to be performed later O e. Accrual of a revenue In accounting, depreciation refers to the Select one: O a. Decline in the fair value of an asset O b. Wearing away of an asset OC. Allocation of asset cost O d. Obsolescence of an asset e. Gradual decrease in cash available for operations In November, cash is received in advance of rendering services. Assuming that the services have been performed by December 31, the adjusting entry would be a debit to: Select one: O a. Unearned Service Revenue and a credit to Cash O b. Cash and a credit to Service Revenue O c. Service Revenue and a credit to Unearned Service Revenue O d. Service Revenue and a credit to Prepaid Services O e. Unearned Service Revenue and a credit to Service Revenue Oe