9 Which of the following accounts is a temporary account? A) Accounts Payable B) Unearned Revenue C) Capital, Lola Delong D) Withdrawals E) Office Equipment 10 Before the closing process is performed at the end of the accounting period, revenues and expenses should have which of the following? A) A balance of zero B) Balances of cumulative amounts of activity during the period C) A net balance (credits minus debits) equal to the capital account D) A net balance equal to assets minus liabilities E) None of the above 11 Which of the following closing entries is usually recorded last? A) Closing the Income Summary account B) Closing the expense accounts C) Closing the withdrawals account D) Closing the revenue accounts E) Closing the Capital account 12 Which of the following is listed on the post-closing trial balance for a sole proprietorship? A) Income Summary account B) Withdrawals account C) Revenue account D) Expense account E) Liability account 13 Which of the following statements about the accounting cycle is false? A) Posting is done after transactions have been analyzed B) Preparing the post-closing trial balance is done after the temporary account have been closed C) Adjusting the accounts is done prior to preparing the adjusted trial balance D) Journalizing the transactions is performed before preparing the unadjusted trial balance E) Financial statements are prepared before preparing the adjusted trial balance