Please answer all questions 6-11

A contra-account: always appears in the same column of the trial balance as the account to which it relates. Offset, or reduces, another account. reduces the asset to its fair value. A perpetual inventory system will always give updated balances for: Accounts Receivable and Inventory. Inventory and Sales Revenue. Inventory and Cost of Goods Sold. Goods Available for Sale and Sales Revenue. Which of the following statements about the closing process is correct? After closing entries are posted, the balances of the income statement accounts will be zero Closing entries are made to zero out balance of the permanent accounts on the balance sheet Closing entries are recorded at the end of each reporting period which could be monthly. quarterly, or annually. After closing entries are posted, the only temporary account with a balance is the Dividends account. The expense recognition principle ("matching") matches: Assets with liabilities. Cash receipts with cash disbursements. Expenses with the revenues to which they relate. Prepaid expenses with unearned revenues. Expenses are increased with: debits because they decrease stockholders' equity. debits because they increase stockholders' equity. credits because they decrease stockholders' equity. credits because they increase stockholders' equity. A check you have written has cleared the bank when: The supplier to whom you gave the check deposits it in his bank account. The bank notifies you that you have insufficient funds to cover the check (NSF). Funds have been withdrawn from your bank account to cover the check. The supplier to whom you gave the check records the payment received