True and False

1. Adlusting entries are done after the closing entries 2 Ovners equity is the differenco between assets and llabilities 3 Involces recelved in the mall are entered into the books only when paid 4 relephone expense would be considered a direct expenso On the adjustment workheet accounts can be divided Into Balance Sheet accounts and Inceme Statement accounts 6 The cost of consuming a lons-ferm asset in business operations is called depreciation 7 fiacerding unpald wages would be a credit to wages expense S Pring for a benefit in advance is called a prepald asset 9 There is no maximum amount for Canada Pension Plan deductons The tocal cost of paying an employee is equal to the amount of gross pay the employere carns