hi there ,I know that Chegg has a policy if answering 1 but this is one of my late attempt so can you please answer both of these.That would be really appreciated. thank you sir/mam

Adjusting entries are O not necessary if the accounting system is operating properly. O made to income statements accounts only. O usually required before financial statements are prepared. O made when the cash basis of accounting is used. Bonita Industries has the following current assets and liabilities on the company's balance sheet: Cash $22000; Accounts Receivable $8000; Inventory $54000; Prepaid Rent $3500; Accounts Payable $18000; Long-Term Notes Payable $21000; and Unearned Revenue $6000. The company's acid-test ratio would be O 0.56:1 O 1.20:1 O 1.94:1 01.25:1