1a. Which of the financial statements is prepared last from theworksheet? A. Income Statement B. Balance Sheet C. Statement ofOwner's Equity D. None of these answers are correct

1b. Online Service received its telephone bill for January, but is not going to pay the bill until February. What adjustment is needed to record the transaction? A. Debit Telephone Expense; credit Cash B. Debit Telephone Expense; credit Accounts Payable C. Debit Accounts Payable; credit Telephone Expense D. Debit Accounts Payable; credit Cash

1c. Accumulated Depreciation is found on which of the following financial statements? A. Income Statement B. Statement of Owner's Equity C. Balance Sheet D. All of these answers are correct