which account will ordinarily appear in the post-closing trial balance? ) Salaries Expense b) Supplies Expense c) Fees Earned Supplies 29) The post-closing trial balance differs from the adjusted trial balance in that it does not a) Take into account closing entries Take into account adjusting entries Include balance sheet accounts d) Include income statement accounts 30) Which of the accounts below would be closed by posting a credit to the account? a) Prepaid Insurance b) Insurance Expense c) Fees Eaned d) Joe Bee, Capital 31) Which of the accounts below would be closed by posting a debit to the account? a) Unearned Revenue b) Fees Earned c) Josh Morton, Drawing d) Miscellaneous Expense Use the following information to answer questions 32-36. Rival Co, a proprietorship owned by Fred Rival operates a service business. At the beginning of the first year account balances were as follows: Cash, $4,220; Supplies, $9,850; Equipment, S4,500. During the year Rival Co. paid salaries of $800; performed services for cash in the amount of $8,780 and the owner withdrew $1,200. No additional expenses were incurred during the year and no additional revenues were earned except those relating to the year-end adj data. Year-end adjustment data is as follows . . . Supplies in the amount of $960 were used during the year Depreciation on the equipment was $400. Accrued salaries were $250. 32) The balance in the Supplies account after the posting of the appropriate adjusting entry would be: a) $9,850 b) $10,810 $8,890 ) $9,750 33) The book value of the equipment at the end of the year after the related adjusting entry is made would be: a) $4,500 b) $4,900 $4,100 ) $3,700 34) The amount of the net income for the year would be: a) 58.780 b) 52410 e) 56370 d) s1L.I0 S 35) The halance in the capital account at the beginning of the year would be a) $23,740 b)$22,540 c)$24,940 ) $18570 36) The balance in capital account at the end of the year after adjusting and closing entries are posted would be: ) $23.40 b) $23,740 c) $24,940 $18,570 37) Al the end of the fiscal year, the usual adjusting entry for accrued salaries owed to empl was omitted (not recorded). Which of the following statements is true? a) Salary Expense for the year was overstated b) Liabilities at the end of the year were overstated c) Owner's equity at the end of the year was overstated d) None of the above 38) Ar the end of the fiscal year, the usual adjusting entry for supplies used was omitted (not recorded). Which of the following statements is true? Supplies at the end of the year are understated Supplies Expense for the year is overstated c Net Income for the year is overstated d) Owner's equity for the year is understated 39) Merchandise inventory at the end of the year was inadvertently overstated. Which of the following statements correctly states the effect of the error on net income, assets, and owner's equity? a) Net income is overstated, assets are overstated, owner's equity is overstated b) Net income is overstated, assets are overstated, owner's equity is understated c) Net income is understated, assets are understated, owner's equity is understated d) Net income is understated, assets are understated, owner's equity is overstated If the seller is to pay the transportation costs of delivering merchandise, the delivery terms are stated as a) FOB shipping point b) FOB destination ) FOB n/30 FOB seller