20.On November 30, the company received an invoice from the electric company for $200. Thecompany will pay the invoice in December. Complete the necessary journal entry by selectingthe account names from the pull-down menus and entering dollar amounts in the debit andcredit columns.
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21.On December 31, the company paid a $200 invoice that they received in November forelectricity. Complete the necessary journal entry by selecting the account names from the pull-down menus and entering dollar amounts in the debit and credit columns.
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22.Which of the following statements is true?
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23.If a credit balance in Unearned Revenue (a liability account) is incorrectly listed as a creditbalance in the Sales Revenue account (a revenue account), is the trial balance still in balance?
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24.Select the correct reporting time period for each financial statement.ItemsItem 1Income StatementPeriod of TimeItem 2Balance SheetPoint in timeItem 3Statement of Retained EarningsPeriod of timeItem 4Statement of Cash FlowsPeriod of Time
25.Indicate the order the financial statements are prepared.ItemsItem 1Statement of Retained Earnings2Item 2Balance Sheet3Item 3Income Statement1
