true or false 30-39

expense $1,500 and Supplies Credited for $1,500 31. T, F. Operating cycle of a company is the average time it takes to purchase inventory, sell it on account and then collect cash from its debtors. 32. T, F. Closing entries are usually made after adjusting entries have been journalized and poste to the general ledger accounts. 33. T, F. Closing entries transfer temporary accounts through Income Summary to permanent owners' Equity account. 34. T, F. Temporary Accounts are basically income statement accounts and owner's withdrawals that are closed to owner's Capital at the end of the accounting period. 35. T,F. Income and Expense Summary Account is a dummy account created for closing revenue and expense accounts at the end of the accounting period. 36. T,F. Worksheet is a multi-column form that is not usually required for making adjusting entr and in preparing financial statements. 37. T, F. The post-closing trial balance is one of the most important statements that is not included in the four financial statements prepared at the end of the accounting period. 38. T, F. Adjusting entries are different from correcting entries because one is a violation of accounting principle whilst one is honest material error. 39. T,F. Classified Balance Sheet is more valuable to investors than non-classified balance shee