Which account is most likely to be debited for the year-end recording of the adjusting journal entry related to a deferred revenue? Cash Accounts Receivable O Service Revenue Unearned Service Revenue Which account is most likely to be credited for the year-end recording of the adjusting journal entry related to an accrued expense? Cash Supplies Salaries payable Salaries expense The text author describes a commonly used procedure for closing the accounts. Which of the following statements related to closing the accounts is false? Revenues and expenses are closed into the Income Summary account. After closing the revenue and expense accounts, the balance of the Income Summary account is equal zero. Revenue, expenses, and dividends are cleared so they are ready to accumulate the business activities of the next accounting period The balance of the dividends account is closed to the Retained Earnings account. While preparing the February 28th bank reconciliation, the accountant identified the following items! Cash balance from company records $23, 100 Outstanding checks 550 Interest earned on the checking account per bank 100 statement NSE check per bank statement 1,000 In the process of preparing the reconciliation, the accountant discovered an error in recording a customer's check. The amount was incorrectly recorded on the books as a cash receipt of $650. The bank correctly recorded the amount of $600. What is the company's adjusted cash balance on February 28th? $22,250 $21,700 $22,200 $22,150 The author describes a commonly used format for the bank reconciliation which begins with the cash balance from bank statement (balance per bank) and the cash balance from company records (balance per company). Certain items are added/deducted in the determination of the adjusted cash balance. What adjustment is required for outstanding checks Add to balance per bank Deduct from balance per bank Add to balance per company Deduct from balance per company