Under the accrual basis of accounting, adjusting entries are a. not needed. b. only needed for expense accounts. c. only needed under the cash basis of accounting. d. recorded at the end of the reporting period. The purpose of the post-closing trial balance is a. to verify that the ledger is in balance at the beginning of the next period. b. to verify that the adjusted trial balance at the end of the period is in balan c. to verify that the end-of-period spreadsheet is in balance. d. to verify that the financial statements are prepared. Problem \#20 of 22 The following normal balances appear in Eaton Company's general ledger: 13 14 15 In the first closing entry, Retained Earnings will be credited for a. $43,000. b. $33,020. c. $9,980. d. $27,500. Blake Corporation uses the accrual basis of accounting. Its fiscal year is from January through December. On July 1 of the current year, the company receives rental income of $14,400 for a 1-year lease of office space in its building. At the end of the fiscal year, what amount of rental income is reported on its income statement? a. $14,400 b. $0 c. $7,200 d. $9,600