1.

determine the total assets ?

2. Adjusting entries are required at the end of the accounting period in order to fulfill the _____ principle.

a.matching

b.objectivity

c.business entity

d.going concern

3. Under the revenue recognition principle, revenues are recorded______

a.when earned or when cash is received, depending on which occurs first

b.when cash is received

c.when earned

d.in the same period as related expenses

Use the adjusted trial balance for Stockton Company to answer the question tha Stockton Company Adjusted Trial Balance December 31 Account Debit Credit No. Balances Balances Cash 11 6,530 12 2,100 13 700 18 13,700 19 1,100 Accounts Receivable Prepaid Expenses Equipment Accumulated Depreciation Accounts Payable Notes Payable Bob Steely, Capital Bob Steely, Drawing Fees Earned 1,900 21 22 4,300 31 12,940 32 790 41 9,250 Wages Expense 51 2,500 52 1,960 Rent Expense Utilities Expense 53 775 Depreciation Expense 54 250 Miscellaneous Expense 59 185 Totals 29,490 29,490