the beginning of the period, the Supplies account has a balance of $700. At the end of the period, the balance in the account was $475. The adjusting entry would be 7) At debit Supplies Expense, $475, crede Supplies, $475 8) debit Supplies Expense, $225: credit Supplies, $225 C) debit Supplios, $225: credt Supplies Expense. $225 D) debit Supplies, $475, aredit Supplies Expense, 3475 8) Salary expense is $2,600 per day, Monday through Friday, and the businoss pays a Tuesday, the adjusting entry to record accrued salaries would be to A) debit Salaries Expense. $5,200, credn Salaries Payable, $5.200 B) debit Salaries Payable, $5,200, credit Salaries Expense, $5,200 C) debit Salaries Payable, $2,600; credit Salaries Expense, $2,600 D) debit Salaries Expense, $2,600, credit Salaries Payable, $2,600 9) The accounts that are NOT closed are A) Revenues Expenses and Dividends. B) Assets, Liabilities, and Revenues C) Assets, Liablities, and Stockholders' Equity D) Assets, Liabilities, and Expenses 10) The entry to close the expense accounts inckudes: A) debits to the respective expense accounts and a credit to Retained Eamings B) a debit to Retained Earnings and credits to the respective expense accounts C) debits to the respective expense accounts and a credit to Dividends D) a debit to Dividends and credits to the respective expense accounts 11) Charmed, Inc. purchased merchandise from Birch Co. for cash. The jourmal entry for Charmed, Inc. under a perpetual inventory system will be: A) debit Inventory, credit Accounts Payable-Birch Co. B) debit Inventory credit Cash. C) debit Inventory, credit Accounts Receivable-Birch Co D) debit Cash, credit Inventory 12) Caesar Company purchased $4,200 worth of inventory, with terms 3/10, ne/30. They subsequently returned $800 of goods to the company. What is the discount if Caesar pays the balance within the discount period? A) $102 B) $126 C) $24 D) S0 13) Under a perpetual inventory system, when goods are retuned to the retailer (seller) from a customer (buyer), the seller records: A) Cost of Goods Sold is debited; Sales Returns and Allowances is credited B) Sales is debited, Cost Goods Sold is credited C) Sales Returns and Allowances is debited; Cost of Goods Sold is credited. D) Inventory is debited, Sales is credited 14) A company has net sales of $132,000, cost of goods sold of $77,000, operating expenses of $32.000, and other expenses of $1,000. The company's gross profit is: A) $23,000 B) $54,000. C) $55,000. D) $22,000
