Post-closing Trial Balance is a tool to determine if the ledger accounts are in balance before the start of the new accounting period Select one True False A business transaction to be recognized in accounting should involve exchange of values and quantifiable in terms of money Select one True False The balance of Revenue and Expense Summary can also be closed to the owner's Drawing account Select one True False It is the second step in the accounting cycle that was done during the accounting period Select one a. Closing entries b. Accounting cycle c. Worksheet d. Posting the journal entries to the ledger All adjusting entries should be reversed at the start of the new accounting period Select one True False Maria Clara rendered parlor services during the month: P 5,000 cash basis and P 3,500 on account. The amount to be credited to Service Income is Select one a. P 3,500 b. Answer not given c. P 5,000 d. P 8,500