Question 17 3 pts The general purpose of an adjusting journal entry is to: O All of the above O Record cash received by customers O Adjust asset and liability accounts to their true balances Eliminate the balances in temporary accounts Question 19 3 pts Which of the following would NOT cause a change in total assets? Purchasing supplies on credit O Borrowing money from the bank. O Performing services on account O Collecting cash for accounts receivable Question 16 3 pts A balance sheet reflects: O The basic accounting equation. O The profitability of a business over a certain period of time. O How much a business is worth at any given point. O The fair market value of assets owned