Author Question: The chart of accounts for the Miguel Company includes the following: Account Name Account Number ... (Read 157 times)

Themember4 · **on:** Jul 5, 2018

The chart of accounts for the Miguel Company includes the following: Account Name Account Number Cash 11 Accounts Receivable 13 Prepaid Insurance 15 Accounts Payable 21 Unearned Revenue 24 Miguel, Capital 31 Miguel, Drawing 32 Fees Earned 41 Salaries Expense 54 Rent Expense 56 Page 5 of the journal contains the following transaction: Salaries Expense 525 Cash 525 What is the posting reference that will be found in the salaries expense account?
a. 5
b. 11
c. 54
d. 21

Question 2

What costs may be deducted directly from revenues instead of being reported with the as other expenses?

A. Direct costs of special fund raising events.
B. Expenses for benefits provided in exchange for membership dues.
C. Fund raising expenses.
D. Depreciation expense.