True or false

1. ( Recording a credit in the accumulated depreciation account allows the original cost of the asset to be shown in the asset account 2, T Adjusting entries are required to correct errors made when recording routine transactions D F 3. Unrecorded expenses result in an understatement of net income and owner' s equity other journal entry After closing entries have been posted to the ledger, the owner's capital account 4. U F Closing entries are to be posted to the ledger through the same process as any 5. T F should have a zero balance 6. T F The purpose of the post-closing trial balance is to make sure that the ledger will 7. T F Cash includes currency, coins, checks, money orders, and postage stamps 8. T F Good internal controls over cash dictate that the person who has physical be in balance at the start of the next accounting period custody of the cash should be the only person to record the cash The Cash Short and Over account can be debited or credited depending on whether there is a cash shortage or a cash overage 9. TF 10. T F Posting transactions from the combined journal should be done after each