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what is the correct 70) The adjustment for wages earned, but not yet paid is A) Debit Wages Expense, credit Cash. B) Debit Accrued Wages,

what is the correct

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70) The adjustment for wages earned, but not yet paid is A) Debit Wages Expense, credit Cash. B) Debit Accrued Wages, credit Wages Expense. C) Debit Accrued Wages, credit Cash. D) Debit Wages Expense, credit Accrued Wages. 71) Closing entries are prepared A) to clear all temporary accounts to zero. D) to update the Capital balance. Q at the end of the accounting period. D) All of the above are correct. 72) Income Summary A) is a temporary account. B) is a permanent account. C) summarizes revenue and expenses and transfers the balance to Capital. D) Both A and Care correct. 73) Which of the following accounts is NOT a temporary account? A) Withdrawals B) Fees Earned C) Cash D) Income Summary 74) Which of the following accounts would NOT be considered a permanent account? A) Accounts Receivable B) Salaries Expense C) Accounts Payable D) Office Supplies 75) An account in which the balance is not carried over from one accounting period to the next is called a A) permanent account. B) real account. C) temporary account. D) zero account

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