chapter4a - Chapter 4 1. Which of the following statements...

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Chapter 4 1. Which of the following statements is incorrect concerning the worksheet? A. The worksheet is essentially a working tool of the accountant. B. The worksheet is distributed to management and other interested parties. C. The worksheet cannot be used as a basis for posting to ledger accounts. D. Financial statements can be prepared directly from the worksheet before journalizing and posting the adjusting entries. 2. In a worksheet, net income is entered in the following columns: A. income statement (Dr) and balance sheet (Dr). B. income statement (Cr) and balance sheet (Dr). C. income statement (Dr) and balance sheet (Cr). D. income statement (Cr) and balance sheet (Cr). 3. An account that will have a zero balance after closing entries have been journalized and posted is: A. Service Revenue. B. Advertising Supplies. C. Prepaid Insurance. D. Accumulated Depreciation. 4. When a net loss has occurred, Income Summary is: A. debited and Retained Earnings is credited. B.
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chapter4a - Chapter 4 1. Which of the following statements...

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