17. A Company received a $10,000 deposit from a customer for goods to be delivered the following month. Under the accrual and cash basis of accounting respectively the deposit would be recorded as a. Accrual Basis: a liability | Cash Basis: a liability b. Accrual Basis: a liability Cash Basis: income c. Accrual Basis: income Cash Basis: a liability d. Accrual Basis: income Cash Basis: income e. Accrual Basis: an asset Cash Basis: an asset 18. When closing entries are made a. All ledger accounts are closed to start the new fiscal period b. All temporary accounts are closed but not the permanent accounts c. All permanent accounts are closed but not the temporary accounts d. All permanent accounts are closed but not the temporary accounts e. All balance sheet accounts are closed 19. Adjusting entries a. Affect only income statement accounts b. Affect only balance sheet accounts c. Affect both income statement and balance sheet accounts d. Affect only statement of cash flows accounts e. Affect only equity accounts 20. The Unadjusted Trial Balance columns of the work sheet show the balance in the Office Supplies account at $750. The Adjustments columns show that $425 of these supplies were used during the period. The amount shown as Office Supplies in the Balance Sheet columns is a. $325 debit b. $325 credit c. $425 debit d. $750 debit