Author Question: At December 31, 2010, McToil, Inc. owes its employees 20,000 for work performed in 2010. Payday is ... (Read 130 times)

frankwu · **on:** Jul 5, 2018

At December 31, 2010, McToil, Inc. owes its employees 20,000 for work performed in 2010. Payday is not until the first week in January 2011. What is the effect of the December 31, 2010 adjusting entry on total shareholders' equity?

A) increase
B) decrease
C) no effect
D) changed in a way that cannot be predicted

Question 2

If the person who is named as payee on a check transfers the right to receive the money by signing his/her name on the back of the check, the signature is called a
a. restrictive endorsement.
b. dishonored endorsement.
c. regular endorsement.
d. blank endorsement.