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17 an accrued expense can best be described as an

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17.An accrued expense can best be described as an amounta.paid and currently matched with earnings.b.paid and not currently matched with earnings.c.not paid and not currently matched with earnings.d.not paid and currently matched with earnings.K, W & W
55.Accrued expenses:
22.On March 1, 2003, Forest Co. borrowed cash and signed a 36-month, interest-bearing note onwhich both the principal and interest are payable on February 28, 2006. At December 31,2004, the liability for accrued interest should be
b.22 months' interest.d.36 months' interest.S, S & S
16.The employees of Neat Clothes work Monday through Friday. Every other Friday the companyissues payroll checks totaling $32,000. The current pay period ends on Friday, July 3. NeatClothes is now preparing quarterly financial statements for the three months ended June 30.What is the adjusting entry to record accrued salaries at the end of June?S, S & T
AICPA BOARD EXAMINATION QUESTIONSPage 7 of 33
THEORY OF ACCOUNTS03 – THE ACCOUNTING PROCESSA.Salaries expensePrepaid salariesSalaries payable22,4009,60032,000B.Salaries expenseSalaries payable6,4006,400C.Prepaid salariesSalaries payable9,6009,600D.Salaries expenseSalaries payable22,40022,40017.Papa’s Pastry Shoppe borrowed $8,000 at 9% interest on May 1, 2003, with principal andinterest due on October 31, 2003. The company's fiscal year ends June 30, 2003. What
adjusting entry would the company record on June 30, 2003?S, S & T
C.Interest expenseInterest payable120120D.Prepaid interestInterest payable120120
Questions 24 and 25 are based on the following information.CMA 1282 4-5 & 6RAR Enterprises prepares monthly financial statements. The clerical staff is paid every 2 weeks onthe Monday following the end of the 2-week (10 working days) pay period ending on the priorFriday. The last pay period ended on Friday, November 19. The next payday is Monday, December6 for the pay period ending December 3. The total clerical payroll for a 2-week period is $30,000,income tax withholding averages 15%, and Social Security taxes amount to 6.5%. None of theclerical staff's earnings will exceed the maximum limit for Social Security taxes.

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Term
Fall
Professor
professor_unknown
Tags
Balance Sheet, Generally Accepted Accounting Principles, Double entry bookkeeping system

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