D) $120,000. 30. Rosa's Pizza Restaurant makes full payment of $8,300 on an account payable to Caesar's Cheese Co. Caesar's would record this transaction with a: A) Debit to Accounts Payable for $8,300. B) Credit to Cash for $8,300. C) Credit to Accounts Receivable for $8,300. D) Credit to Accounts Payable for $8,300 31. Adjusting entries are prepared A) Before financial statements and after a trial balance has been prepared. B) After a trial balance has been prepared and after financial statements are prepared C) After posting but before a trial balance is prepared. D) Anytime an accountant sees fit to prepare the entries. 32. The normal balance of the Accumulated Depreciation account is A) B) C) D) A debit balance A credit balance Either a debit balance or a credit balance. There is no normal balance for this account. 33. Which of the following is not considered a basic type of adjusting entry? A) An entry to convert a liability to a revenue B) An entry to accrue unpaid expenses C) An entry to convert an asset to an expense. D) An entry to convert an asset to a liability 34. Adjusting entries are needed: A) B) C) D) Whenever revenue is not received in cash. Whenever expenses are not paid in cash. Only to correct errors in the initial recording of business transactions. Whenever transactions affect the revenue or expenses of more than one