True 14 TF 03.02 Adjustments for accruals are needed to record a revenue that has been earned or an expense that incurred but not recorded True False 15 MC 03.051 The matching principle a states that the revenues and related expenses should be reported in the same period requires that the dollar amount of debits equal the dollar amount of credits on a trial balang determines whether the normal balance of an account is a debit or credit d. addresses the relationship between the journal and the balance sheet 16 MC 03-082 luster Industries Days weekly salaries of $30,000 on Friday for a five-day week ending on that day. The u nd entry necessary at the end of the fiscal period ending on Tuesday is debit Salary Expense, 512,000; credit Salaries Payable, $12,0003 0, 000 XS D. debit Salary Expense, $12,000 credit Dividends, $12,000 debit Dividends $12,000; Credit Cash, $12,000 d. debit Salaries Payable, $12,000; credit Cash, $12,000 Once the adjusted trial balance is in balance, the flow of accounts will now go into the financial stateme P 18. F 04.000 a rcelan example of a current asset (nuo False 19 TF04-028 The trial balance prepared alter all the closing entries have been posted is called a pre closing trial bal false 20 MC 04.083 Notes receivable due in 390 days appear on the balance sheet in the noncurrent assets section balance sheet in the current liabilities section come statement as an expense balance sheet in the current assets