8.In the closing process, Owner Capital was debited for $49,850 and credited for $78,200. The company has

a. incurred a net loss of $49, 850.

b. earned net income of $28,350.

c. earned a net income of $78,200.

d. incurred a net loss of $28,350.

9.Of the following, which step is not a requirement during the accounting cycle?

a. An end-of-period spreadsheet is prepared.

b. Transactions are posted to the ledger.

c. A post-closing trial balance is prepared.

d. An unadjusted trial balance is prepared.

10.The following are some of the steps in the accounting cycle. Which of the following reflects the steps in the correct order?

1. Financial statements are prepared.
2. An unadjusted trial balance is prepared.
3. Closing entries are journalized and posted to the ledger.
4. Transactions are posted to the ledger.
5. A post-closing trial balance is prepared.

a. C, B, A, E, D

b. A, D, E, B, C

c. E, A, D, B, C

d. D, B, A, C, E