QS 3-4 Concepts of adjusting entries LO P1 During the year, a company recorded prepayments of expenses in asset accounts, and cash receipts of unearned revenues in liability accounts. At the end of its annual accounting period, the company must make three adjusting entries: (1) Accrue rent expense, (2) Accrue wages expense, and (3) Accrue salaries expense. For each of these adjusting entries (1), (2), and (3), indicate the account to be debited and the account to be credited. a. Rent Expense b. Accrued Rent Payable c. Wages expense d. Wages payable e. Salaries expenses f. Salaries payable g. Cash h. Prepaid salaries i. Long-term investments Adjusting entries: 1. Accrue rent expense. Debit Credit 2. Accrue wages expense. Debit Credit 3. Accrue salaries expense. Debit Credit