Question 6 2 pts Which of the following is not a characteristic of a corporation? Corporations are organized as a separate legal taxable entity. Ownership is divided into shares of stock. Corporations experience an ease in obtaining large amounts of resources by issuing stock. O A corporation's resources are limited to its individual owners' resources. Question 7 2 pts The business entity assumption means that the owner is part of the business entity O an entity is organized according to state or federal statutes an entity is organized according to the rules set by the FASB the entity is an individual economic unit for which data are recorded, analyzed, and reported Question 12 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 13 8 pts For each of the following, journalize the necessary adjusting entry: (a) (b) A business pays weekly salaries of $22,000 on Friday for a five-day week ending on that day. Journalize the necessary adjusting entry at the end of the fiscal period, assuming that the fiscal period ends (1) on Tuesday, (2) on Wednesday. The balance in the prepaid insurance account before adjustment at the end of the year is $18,000. Journalize the adjusting entry required under each of the following alternatives: (1) the amount of insurance expired during the year is $5,300, (2) the amount of unexpired insurance applicable to a future period is $2,700. On July 1 of the current year, a business pays $54,000 to the city for license taxes for the coming fiscal year. The same business is also required to pay an annual property tax at the end of the year. The estimated amount of the current year's property tax allocated to July is $4,800. (1) Journalize the two adjusting entries required to bring the accounts affected by the taxes up to date as of July 31. (2) What is the amount of tax expense for July? The estimated depreciation on equipment for the year is $32,000. (C) (d)