Question 5 2 pts Buster Industries pays weekly salaries of $30,000 on Friday for a five-day week ending on that day. The adjusting entry necessary at the end of the fiscal period ending on Tuesday is debit Salaries Payable, $12,000; credit Cash, $12,000 debit Salary Expense, $12,000; credit Dividends, $12.000 debit Salary Expense, $12,000; credit Salaries Payable, $12,000 debit Dividends, $12,000; credit Cash, $12,000 Question 6 2 pts Which of the following entries records the purchase of common stock by stockholders? debit Common Stock; credit Accounts Receivable debit Cash; credit Common Stock debit Dividends, credit Cash debit Fees Earned; credit Common Stock Question 7 2 pts Adjusting entries affect at least one income statement account and one balance sheet account O revenue and the dividends account asset and one stockholders' equity account revenue and one stockholders' equity account Question 8 2 pts The adjusting entry to adjust supplies was omitted at the end of the year. This would affect the income statement by having O expenses understated and therefore net income overstated O revenues understated and therefore net income understated O expenses understated and therefore net income understated O expenses overstated and therefore net income understated Question 9 2 pts Taking a physical count of inventory should be done near year-end O is not necessary when a periodic inventory system is used has no internal control relevance O is not necessary when a perpetual inventory system is used Question 10 2 pts Ending inventory is made up of the oldest purchases when a company uses first-in, first-out last-in, first-out average cost retail method