The Bark Company fails to record these two journal entries: 1. Depreciation on Equipment: $10 2. Cash dividends declared: $40 Working Capital will be: Select one: O a. $40 overstated O b. $10 overstated c. $10 understated O d. $50 overstated O e. $50 understated The Looper River Company makes three adjusting entries at 12/31: Depreciation $50 Accrued Revenue $80 Accrued Expense $65 Indicate the net effect of these three entries on Net Income and Working Capital, respectively: Select one: O a. Increase $15, Increase $15 O b. Decrease $65, Decrease $15 O c. Decrease $15, Increase $15 O d. Decrease $35, Decrease $65 Oe. Decrease $35, Increase $15 27 of $15,000 7,000 3,000 9,000 24,000 LAKE CORPORATION ADJUSTED TRIAL BALANCE DECEMBER 31, 2012 Cash Accounts Receivable Supplies Prepaid Insurance Equipment Accumulated Depreciation, Equipment Accounts Payable Common Stock Retained Earnings Dividends Commission Revenue Depreciation Expense, Equipment Wages Expense Insurance Expense $ 6,000 12,000 20,000 10,000 4,000 34,000 2,000 14,000 4,000 $82.000 $82.000 Following all closing entries, the trial balance totals will be: Select one: a. $58,000 b. $82,000 c. $62,000 d. $92,000 e. $54,000 Which account is not closed at the end of an accounting period? Select one: O a. Sales b. Unearned Revenue O c. Income Summary O d. Purchase Discounts