You are a lawyer who charges $300 per hour. You provided 8 hours of services to a client this month. Your adjusting entry would be a dr. to Accounts Receivable of $2,400 and credit to Fees Earned of $2,400.

True

False

It is not really necessary to do a post-closing trial balance because it's the end of the year.

True

False

An adjusting entry shows a debit to Insurance Expense. The credit would be to Cash.

True

False

Closing entries are prepared monthly.

True

False

To record depreciation for the month you would

		dr. Depreciation Expense and cr. Accumulated Depreciation
		dr. Accumulated Depreciation and cr. Depreciation Expense
		none of these answers is correct.
		dr. Depreciation Expense and cr. Cash