3. Indicate whether each of the following statements is true or false by placing a T or an F in the space indicated in your Workbook. Explain the reason for each F response in the space provided. A. Journalizing and posting the adjusting and closing entries is a routine task that can be done by any knowledgeable accounting clerk. B. All of the data required to journalize the adjusting and closing entries can be found on the worksheet. C. It can be assumed that all adjustments have been thought of once the worksheet is completed. D. The adjusting entries must be journalized and posted to bring the ledger into agreement with the figures on the financial statements. E. An explanation is needed for each individual adjusting entry being journalized. F. The adjusting and closing entries in the journal are dated as of the end of the fiscal period. G. The closing entries can be processed only by using the four-step method. H. The figures for the first closing entry are taken from the income state- ment section, debit column, of the worksheet. I. Since revenue accounts have debit balances, credit entries are needed to close them out. J. The second closing entry transfers the balances in the expense accounts to the Income Summary account. K. When the adjusting entries and the first two closing entries are journal- ized and posted, all but three of the accounts in the equity section of the ledger will have nil balances. L. A loss has occurred if the Income Summary account has a credit balance before it is closed out. M. The first two entries in the Income Summary account are the same as the subtotals of the income statement section of the worksheet. N. The Income Summary account is not closed out if a loss occurs