A contra-account is added to the account it offsets. True or False True False 1 of 36 Ne search DAIL The amounts of all the accounts reported on the balance sheet can be taken from the adjusted trial balance True or False True False to search DLL 16. E Help Save & Ed One of the purposes of the closing entries is to bring the balances in all asset, ability, revenue, and expense accounts down to zero to start the next accounting period True or False True False ere to search DELL Which of the following best describes when an accrual adjustment is required? Multiple Choice 0 An expense has been incurred and paid in cash 0 An expense has been incurred but not yet paid in cash 0 An expense has not been incurred butch has been paid 0 Andere has not been incurred or has been here to search DOLL - ERTY UP Which of the following is incorrect regarding the Income Tax Payable account? 1 C) The account represents income tax incurred, but not yet paid by the company 0 This is a bility account 0 The adjusting entry involving this accounts requires an entry to income Tax pense 0 The account represents tax refunds due to the com to search DELL P ! E RT Y U OF G H Help Save & Exit On December 31, 2018 interest of 5700 is owed on a bank loan that will not be paid until June 30, 2019. What is the necessary adjusting journal entry on December 31, 2018? Multiple Choice C) Debit interest Expense and credit Cash for $700 De rest Expense and credit for 5700 O Debit interest Payable and credit me n se for 5700 O Debit interest Receivable and crediteret Revenue for 5700 were to search DOLL | | | | | | |