1. Which of the following accounts should be debited during the closing process of the accounting cycle?
   1. Salaries Expense
   2. Allowance for Doubtful Accounts
   3. Deferred Revenue
   4. Service Revenue
   5. Prepaid Insurance
2. Which of the following accounts should be credited during the closing process of the accounting cycle?
   1. Allowance for Doubtful Accounts
   2. Interest Payable
   3. Service Revenue
   4. Interest Expense
   5. Common Stock
3. Which type of trial balance reports a companys beginning Retained Earnings account balance?
   1. The adjusted trial balance
   2. The post-closing trial balance
   3. Both the adjusted and post-closing trial balances
4. What are the financial statement effects if a company fails to make the year-end adjusting entry to record supplies expense for the year? Assume the company uses the traditional approach when new supplies are purchased.

	Net Income	Total Assets	Total Liabilities	Total Owners Equity
A.	Overstated	Understated	No effect	Understated
B.	Understated	Understated	Understated	No effect
C.	Overstated	Overstated	No effect	Overstated
D.	Understated	Overstated	Overstated	No effect
E.	Overstated	Overstated	Understated	No effect

5. Which of the following accounts is most likely to be debited when a company records accrued revenue at the end of the accounting period?

1. Common Stock
2. Accounts Receivable
3. Accounts Payable
4. Cash
5. Deferred Revenue