Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Adjusted trial balance is the same as the post-closing trial balance except that the first one does not contain the revenues, expenses, and drawings accounts
Adjusted trial balance is the same as the post-closing trial balance except that the first one does not contain the revenues, expenses, and drawings accounts *
True
False
After closing the accounts of revenues and expenses to income statement, the revenues balance is zero *
True
False
FOB shipping point is a shipping term that would typically means that the seller has to pay the freight charges *
True
False
3/10, n/30 is a credit term that allow for 3% discount within the period of 30 days *
True
False
FOB destination is a shipping term that would typically means that the seller has to pay the freight charges *
True
False
2/10, n/45 is a credit term that allows for a 2% discount within 10 days of the purchase and no discount at all within 55 days of the date of the purchase *
True
False
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started