GB 518 RANK Extraordinary Life/gb518rank.com GB 518 RANK Extraordinary Life/gb518rank.com | Page 21

Debit Insurance Expense, $ 360; credit Prepaid Insurance, $ 360
Debit Insurance Expense, $ 360; credit Prepaid Insurance, $ 1,440 Question 19. Question: A company pays each of its two office employees each Friday at the rate of $ 100 per day each for a five-day week that begins on Monday. If the monthly accounting period ends on Tuesday and the employees worked on both Monday and Tuesday, the month-end adjusting entry to record the salaries earned but unpaid is:
Salaries Payable $ 600
Salaries Payable $ 400
Salaries Payable $ 600
Debit Unpaid Salaries $ 600 and credit
Debit Salaries Expense $ 400 and credit
Debit Salaries Expense $ 600 and credit
Debit Salaries Payable $ 400 and credit
Salaries Expense $ 400

Debit Insurance Expense, $ 360; credit Prepaid Insurance, $ 360

Debit Insurance Expense, $ 360; credit Prepaid Insurance, $ 1,440 Question 19. Question: A company pays each of its two office employees each Friday at the rate of $ 100 per day each for a five-day week that begins on Monday. If the monthly accounting period ends on Tuesday and the employees worked on both Monday and Tuesday, the month-end adjusting entry to record the salaries earned but unpaid is:

Salaries Payable $ 600

Salaries Payable $ 400

Salaries Payable $ 600

Debit Unpaid Salaries $ 600 and credit

Debit Salaries Expense $ 400 and credit

Debit Salaries Expense $ 600 and credit

Debit Salaries Payable $ 400 and credit

Salaries Expense $ 400

Question 20. Question:

Based on the following

information, what would be the beginning balance in the

Retained Earnings Account, assuming all accounts have a

normal balance?

Cash

$ 6,754

Dividends

$ 2,000

Accounts receivable

$ 13,733

Consulting fees earned

$ 13,718