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(T / F ) Closing entries are necessary to reduce the balances of revenue, expense, and Dividends accounts to zero so they are ready to receive data for the next accounting period.Select one:TrueFalseCorrect.The correct answer is 'True'.
Question Correct7Mark 1.50 out of 1.50Question Correct8Mark 1.50 out of 1.50Question Correct9Mark 1.50 out of 1.50Question 10CorrectMark 1.50 out of 1.50(T/F) Financial statements can be prepared from the information provided by an adjusted trial balance.(T/F) If prepaid costs are initially recorded as an asset, no adjusting entries will be required in the future.(T / F) A journal contains a chronological record of the transactions of a business. "Journalizing" is the process of entering a transaction in a journal.(T/F) The normal balance of an asset is a credit.Select one:TrueFalseThe correct answer is 'False'.◄ Chart of Accounts (Accessible)Jump to...Video discussion of Quiz 3 answers ►