21) Which of the following statements is not correct?

Group of answer choices

The worksheet is the source of data for the general journal entries required to close the temporary accounts.

In the closing process, the balance of the owner's drawing account is transferred to the debit side of the owner's capital account.

In the closing process, the balance of the Purchases account is transferred to the Merchandise Inventory account.

All of the above statements are correct.

22) The balance of the Sales Returns and Allowances account is reported as a selling expense in Operating Expenses section of a multiple-step income statement.

Group of answer choices

True

False

23) Current assets provide the funds needed to pay bills and meet expenses.

Group of answer choices

True

False

24) Current assets are usually listed on a balance sheet in order of liquidity.

Group of answer choices

True

False

25) After all adjusting entries are posted, the balances of the general ledger accounts should match the amounts shown in the Adjusted Trial Balance section of the worksheet.

Group of answer choices

True

False