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    The answer to Financial Accounting: adjusting entries

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    1. A trial balance prepared after the closing entries have been journalized and posted is the:

    A. Unadjusted trial balance.

    B. Post-closing trial balance.

    C. General ledger.

    D. Adjusted trial balance.

    E. Work sheet.

    2. How would the accounting equation of Austin Company be affected by the billing of a client for $10,000 of consulting work completed?

    A. +$10,000 accounts receivable, -$10,000 accounts payable.

    B. +$10,000 accounts receivable, +$10,000 accounts payable.

    C. +$10,000 accounts receivable, +$10,000 cash.

    D. +$10,000 accounts receivable, +$10,000 revenue.

    E. +$10,000 accounts receivable, - $10,000 revenue.

    3. A credit is used to record:

    A. A decrease in an expense account.

    B. A decrease in an asset account.

    C. An increase in an unearned revenue account.

    D. An increase in a revenue account.

    E. All of the above.

    4. Of the following accounts, the one that normally has a credit balance is:

    A. Cash.

    B. Office Equipment.

    C. Sales Salaries Payable.

    D. Owner, Withdrawals.

    E. Sales Salaries Expense.

    5. Prior to recording adjusting entries, the Office Supplies account had a $359 debit balance. A physical count of the supplies showed $105 of unused supplies available. The required adjusting entry is:

    A. Debit Office Supplies $105 and credit Office Supplies Expense $105.

    B. Debit Office Supplies Expense $105 and credit Office Supplies $105.

    C. Debit Office Supplies Expense $254 and credit Office Supplies $254.

    D. Debit Office Supplies $254 and credit Office Supplies Expense $254.

    E. Debit Office Supplies $105 and credit Supplies Expense $254.

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    Solution Preview

    . A trial balance prepared after the closing entries have been journalized and posted is the:

    D. Adjusted trial balance.

    2. How would the accounting equation of Austin Company be affected by the billing of a ...

    Solution Summary

    Response guides regarding financial accounting and adjusting entries.

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