Post closing trial balance - 8 POINTS: CASH 20,000 10,000 15,000 Is this example post closing trial balance correct? (write Yes or No) A/R EQUIPMENT A/P 5,000 10,000 15,000 If not, list or describe the errors in the space below: COMMON STOCK RETAINED EARNINGS DIVIDENDS SERVICE REVENUE RENT EXPENSE 3,000 23,000 5,000 53,000 53,000 CASH VS ACCRUAL - 18 POINTS Determine Net Income under both the cash and accrual methods of accounting based on the following information: * The Company earned revenues of $50,000 during the year. Cash paid by customers for revenues earned is $40,000 * Expenses incurred total $35,000 Expenses paid for with cash totaled $28,000 * The Company paid $5,000 for prepaid expenses for the next accounting period Customers paid $2,000 in advance for services the Company will earn next accounting period CASH METHOD ACCRUAL METHOD Revenues Expenses Net Income Which set of books are considered GAAP (Cash or Accura