Which of the following accounts would not likely need to be adjusted at year end?

Select one:

a. Equipment

b. Unearned Revenue

c. Supplies

d. Prepaid Insurance

Griffin Inc. purchased supplies costing $4,250 and debited Supplies for the full amount. At the end of the accounting period, a physical count of supplies revealed $2,100 still on hand. The appropriate adjusting journal entry to be made at the end of the period would be

Select one:

a. debit Supplies Expense, $2,150; credit Supplies, $2,150.

b. debit Supplies Expense, $2,100; credit Supplies, $2,100.

c. debit Supplies, $4,250; credit Supplies Expense, $4,250.

d. debit Supplies, $2,100; credit Supplies Expense, $2,100.

At December 31, Witts Corp. reports Salaries Payable of $20,000 on its statement of financial position. The next payroll amounting to $50,000 is to be paid in January. What will be the journal entry to record the payment of salaries in January?

Select one:

a. Salaries Expense50,000

Cash50,000

b. Salaries Expense..............................................................................50,000

Salaries Payable...............................................................................20,000

Cash..........................................................................................70,000

c. Salaries Expense..............................................................................30,000

Salaries Payable...............................................................................20,000

Cash..........................................................................................50,000

d. Salaries Expense..............................................................................50,000

Salaries Payable........................................................................20,000

Cash..........................................................................................30,000