11. The owner of an office building should report rent collected in advance as n debit to cash and a credit to A. an asset other than cash B. an expense. C a liability E. smart thinking. 12. The adjusted trial balance shows that A. the adjustments were journalized correctly. B. C. D. the debits and credits in the ledger are equal. E. the "books" are accurate. the adjustments were posted correctly the debits and credits in the journal are equal. To determine if current debt can be paid without borrowing money, you should look at which financial statement? A. Balance Sheet 13. B. Bank Statement C. Income Statement D. Statement of Cash Flows E. Statement of Retained Earnings 14. A van was purchased for $20,000 three years ago. It was been depreciated $3,000 each year. What is its current book value? B. $3,000 C. $9,000 D. $11,000 E. $20,000 15. When should the fiscal year end? A. At the end of the calendar year B. April 15th (tax time) C. At the end of the operating cycle D. At the lowest point of physical activity E. During the summer A. Completed work for a client who will pay us next month. B. Receive the utility bill which will be paid next month. C. Received cash for work completed this month. D. Received cash for work completed last month. E. Received cash for work to be done next month. 16. Which of the following would indicate a deferral