32) Which of the following is nota purpose of adjusting entries?A) To prepare the revenue and expense accounts for recording transactions of the following period.B) To apportion the proper amounts of revenue and expense to the current accounting period.C) To establish the proper amounts of assets and liabilities in the balance sheet.D) To accomplish the objective of offsetting the revenue of the period with all the expenses incurred in generating that revenue.
33) Which of the following situations does notrequire Empire Company to record an adjusting entry at the end of January?
34) Which of the following is notconsidered a basic type of adjusting entry?
35) Adjusting entries are needed:
36) No adjusting entry should consist of:A) A debit to an expense and a credit to an asset.B) A debit to an expense and a credit to revenue.C) A debit to an expense and a credit to a liability.D) A debit to a liability and a credit to revenue.
37) Which of the following is notan example of an adjusting entry?
38) Which of the following is considered an adjusting entry?
39) The normal balance of the Accumulated Depreciation account is: