28) The operating cycle of a merchandising comp Applies to both cash and credit sales O Begins with the purchase of merchandise Con OOOOO O Varies among types of businesses O Ends with the collection of cash from the sale of merchandis O All of the above 1 point 29) A company shows an $800 balance in Prepaid Insurance in th Unadjusted Trial Balance columns of the work sheet. The Adjustment columns show expired insurance of $600. This adjusting entry results $600 less profit O $400 in the Income Statement Debit column on the work sheet O $400 in the Balance Sheet Credit column on the work sheet O $600 more profit O $200 difference between the debit and credit columns of the unadjusted trial balance