TV News, Inc. reports these account balances at January 1, 2012 (shown in alphabetical order): Accounts Payable Accounts Receivable Buildings Capital Stock Cash Equipment Land Notes Payable Retained Earnings $21,000 15,000 120,000 139,000 10,000 15,000 60,000 18,000 42,000 On January 5, TV News collected $7,000 of its accounts receivable and paid $9,000 on its note payable. 7.Refer to the above data. In a trial balance prepared for TV News on January 1, 2012, the total of the credit column is: a. $440,000. b. $220,000. c. $200,000. d. $400,000. 8.Refer to the above data. In a trial balance prepared on January 5, 2012, the total of the credit column is: a. $211,000. b. $220,000. c. $218,000. d. $228,000. 9. If Carol Craft Co. estimates depreciation on an automobile to be $750 for the year they should make the following adjusting entry: a. Debit Accumulated Depreciation $750 and credit Depreciation Expense $750. b. Debit Depreciation Expense $750 and credit Automobile $750 c. Credit Accumulated Depreciation $750 and debit Depreciation Expense $750. d. Debit Automobile $750 and credit Depreciation Expense $750. 10. Adjusting entries are prepared a. Before financial statements and after a trial balance has been prepared. b. After a trial balance has been prepared and after financial statements are prepared c. After posting but before a trial balance is prepared. d. Anytime an accountant sees fit to prepare the entries