Chapter 4.2 Do In Class Handout Recording Business Transactions Circle the letter of the best response. What is the last step in the accounting cycle? A. Prepare the financial statements B. Prepare the post-closing trial balance. C. Jourmalize closing entries D. Prepare the adjusted trial balance 1. 2. Which columns of the accounting worksheet show unadjusted amounts? A. B. Adjustments C. Balance Sheet D. Income Statement Trial Balance Which of the following accounts may appear on a post-closing trial balance? A. B. C. D. 3. Cash, Service Revenue, and Rent Expense Cash, Accounts Receivable, and Rent Revenue Cash, Accounts Receivable, and Prepaid Rent Cash, Accounts Receivable, and Rent Expense the Income Statement columns of the 4. Which situation indicates a net income within A. B. C. D. Total debits exceed total credits. Total debits equal total credits. Total credits exceed total debits. None of the above are correct. Christopher's Closet sells men's clothing. At the end of the current year, Christopher's Closet has Rent Expense of $1,500, and Supplies Expense of $829. will Christopher's Closet make for these expense accounts? 5. What closing entry Date Accounts and Explanations Debit Credit Rent Expense Supplies Expense 829 Rent Expense Supplies Expense 1,500 829 C. Rent Expense 1,500 829 Supplies Expense Income Summary 2,329 Income S 2.329 Rent Expense Supplies Expense 1,500 829