VUESTIUN Which of the following statements is true? a Every adjusting entry involves at least one balance sheet account and one income statement account Ob Businesses usually record adjusting entries every day e Companies se adjusting entries to record purchases on account d. Every adjusting entry affects cash QUESTION 9 Which of the following statements are true? Even in bookkeeper records dalyouma entries perfectly adjusting would still normally be needed before preparing financial statements Comms adjusting entries and ournal entries mean the same thing O al only bil only c. Neither I nori Both and it QUESTION 10 in which of the following scenarios would the business need to make an adjusting entry before preparing financial statements at December 31 When it received a payment prior to performing services, the business recorded the transaction by increasing uncanned revenue, a fiability. At year-end, the business had completed ninety percent of the work ob On December 1, the business prepaid one month's rent and recorded this transaction by increasing rent expense. Alter performing services on December 4, the business sent a bill to a customer On December 26, the business received payment from the customer The business pays wages to employees every Friday for the five day week ending on that day. In the current year. December 31 fell on a Friday, QUESTION 11