What is the major difference in between the unadjusted trial balance and the adjusted trial balance?a. The adjusted trial balance consists of the postings that the adjustments for the period in the balance the the accounts.b. The changed trial balance will show the net earnings (loss) as an additional account.c. Unlike the adjusted trial balance, the unadjusted trial balance will proceed with the end-of-period processing also if the is no in balance.d. The readjusted trial balance will certainly be provided to record the adjustments for the period.


You are watching: There are two closing entries. the first one is to close _____; the second one is to close _____.

a. The changed trial balance contains the postings of the adjustments for the duration in the balance the the accounts.
Prepaid insurance money is reported on the balance sheet together aa. Current liabilityb. Permanent liabilityc. Fixed assetd. Present asset
The balance sheet have to be prepareda. After ~ the income statement and also before the explain of owner"s equityb. Before the income statement and also the explain of owner"s equityc. Before the income statement and also after the declare of owner"s equityd. ~ the revenue statement and the statement of owner"s equity
The share balance paper will show which legal responsibility subsections?a. Present liabilities and tomorrow"s liabilitiesb. Current liabilities and also other liabilitiesc. Current liabilities and also long-term liabilitiesd. Other liabilities and long-term liabilities
After posting the first closing entry come the owner"s resources account, the balance will be increased (decreased) bya. Revenues for the periodb. Zeroc. The net earnings (net loss) because that the periodd. Owner"s equity
There space two close up door entries. The an initial one is to close _____; the 2nd one is to close _____.a. Revenues, expenses and also the illustration accountb. Revenues, expensesc. Revenues and also expenses, the illustration accountd. The illustration account, revenues
Which the the complying with accounts ordinarily shows up in the post-closing trial balance?a. Fees Earnedb. Unearned Rentc. Zane White, Drawingd. Gives Expense
The complying with accounts were taken indigenous the changed Trial Balance columns of the occupational sheet:Accumulated Depreciation $ 3,200Fees deserve 17,400Depreciation cost 1,300Insurance cost 400Prepaid insurance 4,800Supplies 900Supplies cost 3,800Net earnings for the duration isa. $17,400b. $11,900c. $8,700d. $5,500
The journal entry come close Fees Earned, $750, and Rent Revenue, $175, during the year-end closing process would bea.Dec. 31Fees Earned750Rent Revenue175 Owner"s Capital925b.Dec. 31Owner"s Capital925 Fees Earned750 rental Revenue175c.Dec. 31Revenues925 Owner"s Capital925d.Dec. 31Owner"s Capital925 Revenues925
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