13.Which of the following statements is true regarding adjusting entries?

a.Adjusting entries are dated as of the first day of the new accounting period.

b.Adjusting entries are optional with accrual basis accounting.

c.Adjusting entries are not posted to the ledger.

d.None of these statements are true.

14.An adjusting entry debiting Unearned Rent and crediting Rent Revenue is an example of adjusting a(n)

a.prepaid revenue.

b.accrued expense.

c.deferred revenue.

d.prepaid expense.

15.The adjusted trial balance is prepared

a.only if errors are suspected when problems arise while preparing the financial statements.

b.prior to completing the adjusting entries.

c.after financial statements are prepared.

d.after adjusting entries are posted but before financial statements are prepared