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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This note was uploaded on 03/20/2012 for the course ACCT 401 taught by Professor Winchel during the Spring '10 term at South Carolina.
- Spring '10