ps New lab Chapter 3 - Homework Hp Save & 17 Kan Company accrued wages of $2,350 that were eamed by employees unpaid at the year-end Assuming Kartuses reversing entries, which of the following entries correctly reverses the accrued wages at the beginning of the following year? Multiple Choice Der Wages Expense 2350. Credit Cash 57350 De Wages Expense 230 Wages Payable $2350 o oo Der Wages Payable $7350, credit Cash $7.350 Door Cash $2.350, cred Wages Boere 57350 Chapter 3 Homework 18 Under the alternative method for recording prepaid expenses, which is the correct set of journal entries? Multiple Choice Initial Entry Insurance Expense Cash Adjusting Entry Prepaid Insurance Insurance Expense Initial Entry Adjusting Entry Prepaid Insurance Insurance Expense Insurance Expense Initial Entry Prepaid Insurance Adjusting Entry Prepaid Insurance Insurance Expense Initial Entry Prepainsurance ADJUSCE Entry Ensurance Excoense Prepand insurance Chapter 3 - Homework i 18 Cash Insurance Expense points Initial Entry Cash Adjusting Entry Prepaid Insurance Insurance Expense Insurance Expense ebook Initial Entry Prepaid Insurance Cash Adjusting Entry Prepaid Insurance Insurance Expense References Initial Entry Prepaid Insurance Cash Adjusting Entry Insurance Expense Prepaid Insurance LEE Initial Entry Prepaid Insurance Insurance Expense Adjusting Entry Cash Prepaid Insurance apter 3 - Homework i When there is a net loss, the Income Summary account would have a credit balance 19 True or False True False BOOK Chapter 3 - Homework (i Under the cash basis of accounting, no adjustments are made for prepaid, unearned, and accrued items 20 True or False points True False e500K erences