What is the major difference between the unadjusted trial balance and the adjusted trial balance?a. The adjusted trial balance includes the postings of the adjustments for the period in the balance of the accounts.b. The adjusted trial balance will show the net income (loss) as an additional account.c. Unlike the adjusted trial balance, the unadjusted trial balance will continue with the end-of-period processing even if it is not in balance.d. The adjusted trial balance will be used 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 adjusted trial balance includes the postings of the adjustments for the period in the balance of the accounts.
Prepaid insurance is reported on the balance sheet as aa. current liabilityb. long-term liabilityc. fixed assetd. current asset
The balance sheet should be prepareda. after the income statement and before the statement of owner"s equityb. before the income statement and the statement of owner"s equityc. before the income statement and after the statement of owner"s equityd. after the income statement and the statement of owner"s equity
The classified balance sheet will show which liability subsections?a. present liabilities and tomorrow"s liabilitiesb. current liabilities and other liabilitiesc. current liabilities and long-term liabilitiesd. other liabilities and long-term liabilities
After posting the first closing entry to the owner"s capital account, the balance will be increased (decreased) bya. revenues for the periodb. zeroc. the net income (net loss) for the periodd. owner"s equity
There are two closing entries. The first one is to close _____; the second one is to close _____.a. revenues, expenses and the drawing accountb. revenues, expensesc. revenues and expenses, the drawing accountd. the drawing account, revenues
Which of the following accounts ordinarily appears in the post-closing trial balance?a. Fees Earnedb. Unearned Rentc. Zane White, Drawingd. Supplies Expense
The following accounts were taken from the Adjusted Trial Balance columns of the work sheet:Accumulated Depreciation $ 3,200Fees Earned 17,400Depreciation Expense 1,300Insurance Expense 400Prepaid Insurance 4,800Supplies 900Supplies Expense 3,800Net income for the period isa. $17,400b. $11,900c. $8,700d. $5,500
The journal entry to 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 Rent Revenue175c.Dec. 31Revenues925 Owner"s Capital925d.Dec. 31Owner"s Capital925 Revenues925
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