****Use the following journal entry display to answer the next question

Aug 08, 2022 Debits Credits Division

5300 Wage Expense 582.40 -

-Administration 116.48

- Sales 349.44

- Services 116.48

5310 EI Expense 21.17 -

- Administration 4.23

- Sales 12.70

- Services 4.24

5320 CPP Expense 13.61 -

- Administration 2.72

- Sales 8.17

- Services 2.72

5330 WSIB Expense 17.53 -

- Administration 3.51

- Sales 10.52

- Services 3.50

5360 EHT Expense 5.49 -

- Administration 1.10

- Sales 3.29

- Services 1.10

1080 Bank Account: Chequing - 421.37

2300 Vacation Payable - 22.40

2310 EI Payable - 36.29

2320 CPP Payable - 27.22

2330 Income Tax Payable - 64.90

2390 EHT Payable - 5.49

2400 RRSP Payable - 25.00

2430 United Way Payable - 20.00

2460 WSIB Payable - 17.53

640.20 640.20

13. The journal entry above shows that -

a. the vacation pay is not allocated

b. the vacation pay is retained

c. the vacation pay has been paid

d. the vacation pay has not been calculated

14. Freight expenses -

a. cannot be allocated when they apply to purchases of assets if the asset accounts do not allow

allocations

b. are allocated in the same proportion as the other accounts used in the purchase

c. are allocated separately from the other accounts used in the purchase

d. can never be allocated

15. What reports are affected by the budgeting process -

a. income statements

b. balance sheets

c. customer sales summary reports

d. supplier purchases summary reports

16. Budget frequencies should be changed -

a. when you want to report income for a shorter period than the budget

b. when you want to report income for a longer period than the budget

c. when the business cycle changes

d. whenever you change budget amounts

17. In the income statement reports, once budgets are set up -

a. budgeted amounts may be omitted from the reports

b. actual amounts are always greater than the budgeted amounts

c. actual amounts are always less than the budgeted amounts

d. actual amounts are always given as a percentage of the budgeted amounts

18. Automatic fixed monthly payments such as auto lease, insurance premiums and mortgage -

a. can be recorded in the account reconciliation journal or in the general journal

b. must be recorded with a normal general journal entry

c. should be recorded in the adjustments journal

d. should be recorded as cash payments because they involve withdrawals from the bank account

"*"Use the following journal entry display to answer the next question Aug 08, 2022 Debits Credits Division 5300 Wage Expense 582.40 - Administration d via 116.48 - Sales 349.44 -Services 116.48 5310 EI Expense 21.17 - Administration 4.23 - Sales 12.70 - Services 4.24 5320 CPP Expense 13.61 Administration 2.72 - Sales 8.17 - Services 2.72 5330 WSIB Expense 17.53 - Administration 3.51 - Sales 10.52 -Services 3.50 5360 EHT Expense 5.49 - Administration 1.10 - Sales 3.29 - Services 1.10 1080 Bank Account: Chequing - 421.37 2300 Vacation Payable - 22.40 2310 EI Payable 36.29 2320 CPP Payable - 27.22 2330 Income Tax Payable 64.90 2390 EHT Payable - 5.49 2400 RRSP Payable 25.00 2430 United Way Payable 20.00 2460 WSIB Payable 17.53 640.20 640.20