true or false need help with 28 - 39

5. 28. T, F. Depreciation expenses is the valuation process that recognizes the use of fixed asset in the accounting period. 29. T, F. Accruals and Prepayments are the two major accounts that require adjusting entries. 30. T, F. XYZ Company had in its trial balance $4,500 Supplies account. Supplies Expense for the period id $o. But it has $2,000 as the balance of supplies on hand at the end of the period. The Adjusting entry for the period should be Supplies Expense Debited $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 posted 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 entries 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 sheets