Question

only final answers no explaining

25. The employees of Neat Clothes work Monday through Friday, As of December 31, salaries expense of 522,400 has been incurred but has not yet been paid to the employees. What adjusting entry will Neal Clothes make to record the accrued salaries at the end of the year? 4 22,400 Salaries Payable Salaries Expense 22,400 B. Cash 22,400 22,400 22,400 Salaries Payable Salaries Expense Salaries Payable Salaries Expense Cash 22,400 22,400 22,400 26. Consider the following items! Land Accounts Receivable Notes Payable (due in three years) Accounts Payable Retained Earnings Prepaid Rent Deferred Revenue Buildings Notes Payable (due in six months) Equipment How many of the items listed above are generally long-term assets? A. Two B. Three. C. Four D. Five. 27. Deferred revenues refer to: A. Cash received from customers in advance of the good or service to be provided. B. Revenue being recorded prior to cash collection from the customer. C. Revenue being recorded at the same time the cash is collected from the customer. D. Cash being collected from the customer after the revenue is earned.

Answer 1

Solution 25:

Adjusting entry to record accrued salaries is:

Salaries expense Dr $22,400

To Salaries payable $22,400

Hence option C is correct.

Solution 26:

Land, buildings and equipment are long term assets.

Hence option B "Three" is correct.

Solution 27:

Deferred revenues refer to "Cash received from customer in advance of the goods or service to be provided"

Hence option A is correct.