but merasa C. 8. A debit will reduce accounts receivable accounts payable breve counts payable accounts payable owner's capital downer's capital prepaid murance 8. Which of the following entries made to record the payment of 3300 on count will cause the trual balance to be out of balance? a. No entry is recorded b. Cash is debited for $300 and Service Revenue is credited for 300 C Cash is debited for $30 and Accounts Payable is credited for 530 d. Both Cash and Accounts Payable are credited for $300 10. The Linda Lim, Capital column had a beginning total of $30,000 and an ending total of $50,000 t she withdrew S10.000 during the period for personal use. net income must have been a $20.000 D$40.000 c$10,000 d. $30,000 A 11. The Accumulated Depreciation account is an a contra asset b. liability asset d. operating expense. 12 A post-closing trial balance contains a real and nominal accounts b. permanent and temporary accounts c balance sheet or permanent accounts d balance sheet and owner's equity statement accounts 13. Which of the following is false with regard to a work sheet? a. Before the adjusting entries are recorded in the General Journal, they are recorded in the adjustments columns of the work sheet b. A work sheet is a required step in the accounting cycle c. When a work sheet is used the preparation of financial statements is still required. d. If a credit is needed to balance the income statement columns on the work sheet, a debit will be needed to balance the balance sheet columns 14 For which of the following types of adjusting entries are liabilities understated and expenses understated before the adjusting entry is made? a. Unearned Revenues b. Accrued Revenues c. Prepaid Expenses d. Accrued Expenses 15. What is the purpose of a post-closing trial balance? a. Prove that all income statement accounts have been properly posted. b. Prove the equality of income statement account balances c. Prove the equality of all account balances. d. Prove the equality of permanent account balances