23 A trial balance prepared after the adjusting and closing entries have been posted, and which is the final step in the accounting yde and ed out of Select one O a. Adjusted trial balance. O b. Post-closing trial balance. Worksheet question od Book of final entry De Unadjusted trial balance. 24 A 10-column spreadsheet used to draft a company's unadjusted trial balance, adjusting entries, adjusted trial balance, and financial statements, and which is an optional step in the accounting process, is a(n): out of question Select one: O a Book of final entry. O b. Post closing trial balance. Oc Worksheet O d. Unadjusted trial balance. O e Adjusted trial balance. 25 Incurred but unpaid expenses that are recorded during the adjusting process with a debit to an expense and a credit to a liability are called: ait of Jestion Select one O a. Operating expenses. Ob. Prepaid expenses. Oc Uneared expenses. O d. Accrued expenses. O e None of the above - no adjusting entry required because the expenses are unpaid. 26 The statement of owner's equity is the link between Select one: O a. Debits and credits out of O b. The Income Statement and the Balance Sheet question O c The ledger and the trial balance. Od. The journal and the ledger. on 27 In which type of organization does the owner or owners have unlimited liability? et red dout of Select one: O a Sole Proprietorship. O b. Partnership Oc Corporation question O d. Two of the above. Oe. All of the above. 8 The Thomhill Post, a weekly suburban newspaper, receives annual subscriptions in the amount of $50,000 in January which have been prepaid for the whole year. Which of the following transactions is correct at the time the subscriptions are received? ut of Select one: O a. Increase cash and increase owners equity uestion b. Increase cash earned and increase revenues Oc Increase cash and increase unearned revenue O d. Increase cash and decrease prepaid expenses Nex 29 Employers never make deductions from employees' wages for out of Select one: O a Federal Income Taxes. question O b. Union Dues. Oc. Worker's Compensation, Od Canada Pension Plan O e Employment Insurance. 30 Extreme Cruise Inc. prepaid $4,500 for 3 months rent on July 1, 2010. What would be the balance of the Prepaid Rent account on September 1, 2010? Jut of Select one: O a $3,000 question O b. $4,500 OCS1,500 O d. $0