19% Bookmarks Window Help canvas.morainevalley.edu Quiz: Chapter 3 Quiz-The Adjusting Process 0.5 pts Question 1 The matching concept determines whether the normal balance of an account is a debitor credit states that the revenues and related expenses should be reported in the same period O requires that the dollar amount of debits equal the dollar amount of credits on a trial balance addresses the relationship between the journal and the balance sheet Question 2 0.5 pts Adjusting entries are rarely needed in large companies needed to bring accounts up to date and match revenue and expense the same as correcting entries optional under generally accepted accounting principles Question 3 0.5 pts tv MacBook Air 000 000 4 IL 20 F2 F7 FB VO Question 3 of accounting Generally accepted accounting principles require that companies use the accrual basis O cash basis deferral basis account basis D Question 4 0.5 pts The balance in the office supplies account on January 1 was $5,000, supplies purchased during January were $2,000, and the supplies on hand at January 31 were $3,000. The amount to be used for the appropriate adjusting entry is $4,000 510.000 $7,000 $8.000 Question 5 0.5 pts tv MacBook eo F2 000 000 14 *** F5 > F7 F8