Multiple Choice
Adjusting journal entries:
A) need not be journalized since they appear on the worksheet.
B) need not be posted if the financial statements are prepared from the worksheet.
C) are not needed if closing entries are prepared.
D) must be journalized and posted.
Correct Answer:
Verified
Correct Answer:
Verified
Q20: Closing entries:<br>A) need not be journalized since
Q21: A summary of selected ledger accounts appears
Q22: Accounts in which the balances are carried
Q23: To close the Fees Earned account:<br>A) debit
Q24: Sandra's Design Studio showed office supplies account
Q26: The post-closing trial balance is used to
Q27: The entry to close the revenue account(s)
Q28: There are 7 closing entries.
Q29: When the expenses are closed:<br>A) Owner's Capital
Q30: A real account is the same as