Which of the following does not require an adjusting entry at year-end?
A. Expired portion of prepaid insurance.
B. Accrued wages.
C. Accrued interest on notes payable.
D. Supplies used during the period.
E. Cash invested by stockholders.
Answer: E
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In the two-period model, a decrease in income in period 2 causes the budget constraint to
A. shift to the left in a parallel fashion. B. shift to the right in a parallel fashion. C. rotate in a clockwise direction along the horizontal axis. D. rotate in a counterclockwise direction along the vertical axis.
Which capability of an MRP system helps identify which end items would be affected based on problems such as poor quality or late delivery?
A. netting B. BOM explosion C. MRP explosion D. pegging
Which of the following is true of the Securities Investor Protection Corporation (SIPC)?
A) It protects investors from losses up to $750,000 due to the financial failure of a brokerage firm. B) It has the monitoring and bailout functions that the Federal Deposit Insurance Corporation (FDIC) has in banking. C) It does not use trustees in any of its functions. D) It supervises the liquidation of brokerage firms that are in financial trouble.
Chase Company has 10 employees, who earn a total of $1,800 in salaries each working day. They are paid on Monday for the five-day workweek ending on the previous Friday. Assume that year ended on December 31, which is a Wednesday, and all employees will be paid salaries for five full days on the following Monday. The adjusting entry needed on December 31 is:
A. Debit Salaries Expense, $5,400; credit Salaries Payable, $5,400. B. Debit Salaries Payable, $5,400; credit Salaries Expense, $5,400. C. Debit Salaries Expense, $3,600; credit Salaries Payable, $3,600. D. Debit Salaries Expense, $9,000; credit Salaries Payable, $9,000. E. Debit Salaries Expense, $5,400; credit Cash, $5,400.