Which of the following is a possible closing entry? O Debit Service Revenue, credit Retained Earnings. O Debit Cash, credit Retained Earnings. O Debit Dividends, credit Retained Earnings. O Debit Cash, credit Service Revenue. 39 Making insurance payments in advance is an example of a(n): O Accrued expense Accrued revenue O Prepaid expense O Deferred revenue When a company provides services on account, which of the fo llowing would be recorded using cash-basis accounting? O Debit to Cash. O No entry would be recorded. O Debit to Service Revenue. O Credit to Deferred Revenue. 39 When the balance of the Deferred Revenue account decreases during an accounting period O Accrual-basis revenues exceed cash collections from customers. OAccrual-basis expenses exceed cash collections from customers. O Accrual-basis net income is less than cash-basis net income Accrual-basis revenues are less than cash collections from customers. The adjusted trial balance should be prepared the financial statements are prepared in order to prove the of the debits a O after; equality O before; equality before; accuracy O after; accuracy The following table contains financial information for Trumpeter's Inc. before closing entries: $12,00O 4,500 Cash Prepaid Rent Salaries Expense 4,500 65,000 Service Revenue 20,000 s Expense 3,000 5,000 68,000 Accounts Payable Common Stock Retained Earnings 8,000 What is the amount of Trumpeter's total liabilities? O $68,500 O $78.500 O $83,500 O $5.000