33. On July 1, 20X1, a machine is purchased at a cost of $20,000. Before the 20X1 books are closed you discover that an error caused by using an in- correct residual value resulted in depreciation for the year being $200 too high. To correct this error you will record a second adjusting entry for de- preciation that will include... a. a $200 debit to Depreciation Expense b. a $200 credit to Asset-Machinery a $200 debit to Accumulated Depreciation d. none of the above 34. The post-closing trial balance should be reviewed to make sure that ... a. Retained Earnings has the ending and not the beginning balance b. only balance sheet accounts remain open c. all temporary accounts and their contra accounts have been closed out d. all of the above 35. Before the 20X1 books are closed, you discover that on January 2, 20X1, when a new machine was purchased for $20,000, the $20,000 was debited to Machinery Maintenance Expense. The new machine, which is being depreciated under the straight-line method, has a 10-year life and no estimated salvage value. However, because of the error, no depreciation was recorded for the year. If no correction is made ... anet income for 20X1 will be understated by $18,000 b. net income for 20X1 will be understated by $2,000 c. total assets on the December 31, 20X1 balance sheet will be understated by $20,000 d. the trial balance will not balance 36. The error described in question 35 is likely to be discovered because ... a. inspection of the trial balance would reveal Machinery had a balance that was not normal (b) inspection of the trial balance would reveal Machinery Maintenance Expense had an unusually large balance c. inspection of the trial balance would reveal no depreciation expense d. none of the above