A $200 debit item is accidentally posted as a credit. The trial balance column totals therefore will differ by a) $100 b) $200 c) $400 d) $0 Net income results in a(n) a) increase in revenues. b) decrease in expenses. c) increase in stockholder's equity. d) decrease in liabilities. 11) Financial statement time periods should be of equal length a) because accountants are boring and don't like to take risks. b) to comply with income tax regulations. c) to make comparison meaningful. d) and should correspond with the calendar year. Which of the following accounts is a contra asset account? a) Depreciation Expense, Office Furniture b) Unearned Revenue c) Accumulated Depreciation, Office Furniture d) Office Furniture 13) A company's 5 day weekly payroll of $1,000 is paid on Fridays. Assume that the last day of the period falls on Wednesday. Which of the following is the required journal entry at the period end? a) Debit Salaries Payable $1,000 and Credit Cash $1,000 b) Debit Salaries Expense S600 and Credit Salaries Payable $600 c) Debit Salaries Expense $1,000 and Credit Cash $1,000 d) Debit Salaries Expense $400 and Credit Salaries Payable $400 An important purpose of closing entries is to a) Set permanent account balances to zero to begin the next period. b) transfer net income or loss to the retained earnings. c) update the temporary accounts at year end. d) help achieve the goals of the matching principle