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Neo
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14. If an end-of-period adjusting entry is made to accrue wages,

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14. If an end-of-period adjusting entry is made to accrue wages, it means that
       the company pays its employees monthly
       employees have earned wages since the end of the last payroll period, but have not been paid
       the account Wages Payable will be decreased
       the company has already distributed payroll checks


15. An adjusting entry generally requires entries into
       two balance sheet accounts
       the cash account and an income statement account
       an income statement account and a balance sheet account
       two income statement accounts


16. If an adjustment to record the accrual of interest payable is omitted from the accounting system by the accountant, which of the following effects will result?
       total expenses will be overstated on the income statement
       net income will be overstated
       liabilities on the balance sheet will be overstated
       cash will be overstated
17. Famous Frames Company purchased office e

14. employees have earned wages since the end of the last payroll period, but have not been paid

 

15. an income statement account and a balance sheet account

 

16. net income will be overstated

 

17. Incomplete

Customer: replied 7 years ago.
It cut me off.. Sorry.. Here's question 17

17. Famous Frames Company purchased office equipment on January 1, 2007 for $10,000. Its annual depreciation was computed as $1,000. To record the depreciation for 2007, the accounting system entry should be which of the following?
       increase both Depreciation Expense and Accumulated Depreciation by $1,000
       increase Depreciation Expense and decrease Equipment, both by $1,000
       increase Depreciation Expense and decrease Accumulated Depreciation, both by $1,000
       decrease both Depreciation Expense and Accumulated Depreciation by $1,000
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