true and false

1. A post-closing trial balance is a list of the temporary accounts and their balances from the ledger after all closing entries are journalized and posted. 2. The closing entry process consists of four steps for a partnership/proprietorship and only three steps for a corporation due to a corporation not having a withdrawals account. To close out the expense accounts they would each be debited and a credit entry for the total would be assigned to the income summary account. The withdrawals account is closed to the income summary account rather than the capital account. 5. After the revenue and expense accounts have been closed the income summary account will have the total of the revenues on the credit side and the total of the expenses on the debit side. 6. Asset, liability and owner's capital accounts are permanent accounts which are not closed and have their balances carried forward to the next period. 7. Revenue, expense and withdrawals are temporary accounts and are brought to zero at the end of the accounting period by the closing entry process. 8. The closing process is performed at the end of the accounting period before the financial statements are prepared. 9. When completing the worksheet a Net Loss will be entered on the credit side of the Income Statement columns and on the debit side of the Balance Sheet and Statement of Owner's Equity columns. 10. Accounts Receivable with a debit balance in the unadjusted trial balance section of $14,800 and a debit in the adjustments section of $2,200 will leave a debit balance of $12,600 in the adjusted trial balance section. 11. For every adjusting entry entered in the adjustments section of the worksheet the debit entry must equal the credit entry. 12. The worksheet consists of four sections each with a debit and credit column amounting to eight columns in total. 13. The worksheet is an optional working paper that can make it easier for the accountant to prepare the financial statements. 14. The income summary account is a temporary account only used during the closing entry process which happens at the end of the accounting period. 15. Even after adjustments are entered on the worksheet they still must be journalized in the general journal and posted to the general ledger