1. The balance sheet columns on the worksheet prepared for Cleveland Goods had subtotals as follows: debit column, $13,000, and credit column, $10,600. This information indicates that:

a)the company incurred a net income of $2,400.

b)the company incurred a net loss of $2,400.

c)an error was made when preparing the adjustments in the worksheet.

d)the unadjusted trial balance has an error.

2. True or false. The freight-in account is an operating expense account

3. unearned rent is what type of account?

a) asset

b) revenue

c)liability

d) contra-asset

4. the trial balance columns on the worksheet are populated using

a) general journal

b) general ledger

c) subsidiary ledger

d) none of these