Which of the following is performed last at the end of the year?

1. Prepare adjusting entries.

2. Prepare closing journal entries. 3. Prepare a post-closing trial balance.

4.Prepare an adjusted trial balance.

One Company sold goods for $5,000 to Foster Company on March 12 on credit. Terms of the sale were 2/10, n/30. At the time of the sale, Tropical recorded the transaction by debiting accounts receivable for $5,000 and crediting sales revenue for $5,000. Foster paid the balance due, less the discount, on March 21. To record the March 21 transaction, One would debit:

At the end of the accounting period, which of the following accounts would not be closed?

1.Bad Debt Expense 2.Inventory

3.Sales Revenue 4.Cost of Goods Sold

Which of the following would decrease stockholders' equity?

1.Dividends paid to owners. 2.Repayment of notes payable.

3.Land purchased for cash.

4.Stock issued for cash.