Unformatted text preview: b) Debit Salary Expense for $20,000 c) Debit Salary Expense for $5,000 d) None of the above 3. Which accounts should be closed at the end of each accounting cycle? a) Revenues and expenses only b) Assets and liabilities c) Revenues, expenses, dividends and retained earnings d) Revenues, expenses, and dividends 4. Which of these adjusting entries is a deferral? a) Interest b) Salaries c) Payroll Taxes d) Depreciation 5. What concept is the basis for our requiring adjusting entries? a) Cost concept b) Matching concept c) Fair market value concept d) Business entity concept...
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- Spring '10
- Expense, Generally Accepted Accounting Principles, Double-entry bookkeeping system, XYZ Co., Debit interest expense, debit Salary Expense