27&28 please

23. A debit is the normal balance for the following accounts EXCEPT A) Plant, property and equipment account B) Operating expense account Cash-account C) D Retained earmings account 24. A revenue account: A) is increased by credits. B) has a normal balance of a debit. C) decreased by credits. D) is increased by debits. A expense account: A) is increased by debits. B) has a normal balance of a debit. C) decreased by credits. D) All of the above. 25. 26. Accountants follow a consistent cycle each reporting period that begins by deciding if a transaction should be recorded and ending with the post-closing trial balance. Consider this cycle, which of the following answer choices is in the correct order of the tasks performed by the accountant: A) journalizepost to the ledgeradjusted trial balance B) trial balanceadjusting journal entries adjusted trial balance C) post close trial balancefinancial statements D) None of the above are correct Under the accrual basis of accounting, adjusting journal entries: 27 A) are recorded to ensure that all revenues earned are recorded. B) are recorded to ensure that all expenses incurred are recorded. C) include deferral and accrual based adjusting entries. D) all of the above. Failure to prepare and record an adjusting entry, at the end of a reporting period, to record accrued revenue will cause: A) net income to be overstated. B) an understatement of revenues and an overstatement of liabilities. C) an understatement of assets and an understatement of revenues. D) an understatement of revenues and an understatement of liabilities. 28