Quiz 2 - Question 1 0.5 out of 0.5 points During the first...

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Question 1 0.5 out of 0.5 points During the first year of Wisnewski Co.'s operations, all purchases were recorded as assets. Inventory in the amount of $6,450 was purchased. At year end, inventory left on hand amount to $2,150. The adjusting entry for inventory will Answer Selected Answer: Correct Answer: Question 2 0 out of 0.5 points A journal entry to record a payment of cash for rent in advance will include a Answer Selected Answer: credit to Unearned Rent. Correct Answer: debit to Prepaid Expense. Question 3
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An adjusting entry that records the expense portion of prepaid rent previously recorded always includes a Answer Selected Answer: Debit to an account in the equity category. Correct Answer: Debit to an account in the equity category. Question 4 0.5 out of 0.5 points When a corporation signs a promissory note for the purchase of equipment Answer Selected Answer: the account Notes Payable will be credited. Correct Answer:
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This note was uploaded on 10/19/2010 for the course ACCOUNTING Finance 23 taught by Professor Bob during the Winter '10 term at Wayne State University.

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Quiz 2 - Question 1 0.5 out of 0.5 points During the first...

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