true or false

14) A prepaid expense occurs when a company pays in advance for a service or goods for which the benefit extends beyond the current accounting period 14) 15) Uncanned revenues are assets, because a service or product is owed to the customer 16) The left side of a T-account is always the credit side, while the right side is always the debt side 17) Posting is the process of copying the debit and credit amounts from a joumal to the general ledger accounts 18) The total dollar value of all debits and credits recorded in a journal entry must be equal 19) Adjusting entries are used to record the effects of internal economic events 20) The timeliness principle assumes that an organization's activities can be divided into specific periods 21) The revenue recognition principle is the basis for making adjusting entries that pertain to uncamed and accrued revenues. 22) Gallery Corp. owes its employees $7,000 for the week ended March 31. The company will pay the employees on April 5. The adjusting journal entry prepared on March 31 will include a debit to Salaries Expense and a credit to Cash 23) A work sheet is prepared before entering the adjustments in the accounts. 24) The book value of an asset is equivalent to the market value of that asset. 25) Closing entries are normally entered in the General Journal and then recorded on the worksheet 26) The withdrawals account is normally closed by debuting it 27) Closing entries are designed to transfer the end-of-period balances in the revenue accounts, the expense accounts, and the withdrawals account to a balance sheet equity account 28) The Income Summary account is used to close all other temporary accounts at the end of an accounting period 28) 29) The first step in the accounting cycle is to analyze and record transactions during the accounting period 29) 30) A post-closing trial balance is a list of permanent accounts and their balances from the ledger after all closing entries are joumalized and posted 30)