13. Which of the following accounts would not be included in the balance sheet? a. Wages Payable. b. Cole, Capital. c. Professional Fees d. Supplies on hand 14. The purpose of making closing entries is to a reduce the number of expense accounts b. establish new balances in the balance sheet sccounts e enable the accountant to prepare financial statements at the end of any given accounting period d. prepare revenue and expense accounts for the recording of the next period's revenues and expenses. 15. If, at the end of an accounting period, there is a debit balance in the Income Summary account in the ledger, this means that a. total assets have decreased during the period. b. the business has suffered a net loss during the period c. revenue has exceeded expenses. d. the owner has withdrawn more cash than the income for the period 16. The accountant for the Dover Company forgot to make an adjusting entry to record depreciation for the current year. The effect of this error would be an overstatement of assets offset by an understatement of owner's equity. an overstatement of net income and an understatement of as an overstatement of assets and of net income and offset by an understatement of owner's equity a. b. sets. d tatennt of ae' 17. The after-closing trial balance contains: a. only adjusted asset and liability accounts b. only asset, liability, and owner's equity accounts c. only revenue and expense accounts that have been closed d. owner's equity, asset, liability, revenue and expense accounts. 13. Which of the following is not a purpose of adjusting entries? a. to apportion the proper amounts of revenuo and expense to the current accounting period. b. to establish the proper amounts for assets and liabilities in the balance sheet. c. to achieve a precise cutoff of transactions at the end of an accounting period. d. to preparo tho revenue and expense accounts for recording transactions of the following period