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Homework ACCOUNTING instructions | help Question 2 (of 5) > Save & Exit Submit [The following information applies to the questions displayed below.] The following is a list of accounts and amounts for Rollcom, Inc., for the fiscal year ended September 30 2015. The accounts have normal debit or credit balances. Accounts Payable $ 39,800 Accounts Receivable 67,200 Accumulated Depreciation-Equipment 22,200 Cash 81,000 Common Stock 95,500 Equipment 91,400 Income Tax Expense 10,570 Notes Payable (long-term) 1,570 Office Expense 6,370 Rent Expense 164,900 Retained Earnings 99,830 Salaries and Wages Expense 129,400 Sales Revenue 327,840 35,900 SuppliesQuestion 1 The Unadjusted Trial Balance columns of a work sheet total $84,000. The adjusted trial balance reflects adjusting entries for the following: i. Office supplies used during the period, $1,200. ii Expiration of prepaid rent, $700. Ill. Accrued salaries expense, $500. iv. Depreciation expense, $800. v. Accrued service fees receivable, $400, (T or F) The column total for the adjusted trial balance must be $85,700, True FalseThis Question: 1 pt 8 of 20 (4 complete) Pixel Copies recorded a cash collection on account by debiting Cash and crediting Accounts Payable. What will the trial balance show for this error? O A. Expenses are overstated O B. Cash is overstated O C. The trial balance will not balance O D. Liabilities are overstated Click to select your answer e to search O CMCQ # Answer Justification: 1) FALSE Transactions are entered in the journals in chronological order first and then posted to respective ledgers. Trial Balance will be prepared after balancing the ledgers. Therefore, given statement is FALSE. 2) FALSE If journal entry is posted twice, it will have no effect on trial balance because both debit and credit side of the trial balance will reflect inflated figure. As a result, this error will not be found when the trial balance is produced. Therefore, given statement is FALSE. 3) FALSE Chart of accounts refers to list of account titles (ledger names) used/usable while recording journal entries in firm's books of accounts. It can be arranged in any order which is comfortable to the users of accounts, may be based on their liquidity or numerical values assigned in computer system or based on alphabetical order, etc. So, given statement is FALSE