Knowledge Check 01 In the adjusted trial balance, the balance of the Retained Earnings account is its balance at the end of the accounting period--the balance after all revenue, expense, and dividend transactions. True or False True False Knowledge Check 01 The is the average time between purchasing inventory and receiving cash proceeds from its sale. Multiple Choice operating cycle reporting period Inventory turnover days in inventory Knowledge Check 01 Which of the following is an example of a current asset? Multiple Choice Equipment Common stock Accounts payable Supplies Knowledge Check 01 Which of the following provides the balance of retained earnings to be used in a classified balance sheet? Multiple Choice Statement of stockholders' equity Adjusted trial balance Income statement Statement of cash flows