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1. Which of the following accounts is an income statement accountr [A] Wages Payable [B] Accounts Receivable ID] Owner's Capital Of Wages Expense 2. Net income results in a(n) [A] decrease in liabilities a)i Bj increase in revenues. (C] decrease in expenses. Which of the following accounts probably would need to be adjusted at year end? [A] Notes Payable 1 Supplies [D) increase in owner's equity 3. (C] Land [D] Withdrawals Use the following information to answer the question(s) below. The trial balance for Tsung Company appears as follows Tsung Company Trial Balance December 31, 20xx Cash Accounts Receivable Prepaid Insurance Supplies office Equipment $ 200 500 50 150 400 Accumulated Depreciation, Office Equipment Accounts Payable Jim Tsung, Capital Service Revenue Earned Salaries Expense Rent.Expense $ 200 300 600 500 100 200 $1.600 1,600 4. If on December 31, 20xx, supplies on hand were $20, the adjusting entry would c A] credit to Supplies Expense for $130. [B] debit to Supplies Expense for [C] debit to Supplies for $20. [DJ credit to Supplies for $20. 5. If on December 31, 20xx, the insurance still unexpired amounted to $20, the a would contain a [A] credit to Prepaid Insurance for $30. [B] credit to Prepaid Insurand [C] debit to Insurance Expense for $20. [D] debit to Prepaid Insurane

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