Depreciation expense was$44,000. - correct answer Labor income If one dollar can purchase 0.74 euros, what is the exchange rate when using U.S. dol A + - Asset Group of answer choices A)Land. Examples of these accounts are the cash, accounts receivable, prepaid expenses, fixed assets (asset) account, wages (expense) and loss on sale of assets (loss) account. $360,300 a. a. sale of excess office equipment for cash The general ledger contains all of the accounts that a company uses, along with detail of the balances in those accounts. usually a listing of accounts in the financial statement order, are records of increases and decreases in individual financial statement items, a cash payment is recorded in the cash account as. O Its purpose is to test the equality between debits and credits after the recording phase. Examples of a corporation's balance sheet accounts include Cash, Temporary Investments, Accounts Receivable, Allowance for Doubtful Accounts, Inventory, Investments, Land, Buildings, Equipment, Furniture and Fixtures, Accumulated Depreciation, Notes Payable, Accounts Payable, Payroll Taxes Payable, Paid-in Capital, Retained Earnings, and others. What is the probability that an employee picked at random is a woman or works in the business office? It is also known as General Ledger. Which of the following accounts showing a balance on the post-closing trial balance indicate an error? Financial Modeling & Valuation Analyst (FMVA), Commercial Banking & Credit Analyst (CBCA), Capital Markets & Securities Analyst (CMSA), Certified Business Intelligence & Data Analyst (BIDA), Financial Planning & Wealth Management (FPWM). Which of the following accounts are permanent (real) accounts? accounts payable. Adjusted trial balance - This is prepared after adjusting entries are made and posted. Below is a video that quickly covers the key concepts outlined in this guide and the main things you need to know about a balance sheet, the items that make it up, and why it matters. c.Owner withdrawal of cash Inventory includes amounts for raw materials, work-in-progress goods, and finished goods. This is the total amount of net income the company decides to keep. CASH Debit. round dollar amounts to the nearest cent. During the year, the company reported total revenues of $226,000 and expenses of $175,000. More liquid accounts, such as Inventory, Cash, and Trades Payables, are placed in the current section before illiquid accounts (or non-current) such as Plant, Property, and Equipment (PP&E) and Long-Term Debt. A company's December 31 work sheet for the current period appears below. Salaries Payable. \hline & \\ The assets and liabilities are separated into two categories: current asset/liabilities and non-current (long-term) assets/liabilities. Depreciation Expense, Equipment b. In preparing a work sheet an adjusted trial balance amount is mistakenly sorted to the wrong work sheet column. C ) Dividends . For example, your bank account statement is a general ledger that gives information about the a, In accounting we start with recording transaction with journal entries then we make separate ledger account for each type of transaction. balance. Closing entries: The journal entries prepared to close the temporary accounts to the, A: Note: Permanent account appears on a post closing trial balance. Closing the temporary accounts at the end of each accounting period does all of the following except: 1.0, 2.0, 1.51.51.5. Accumulated Depreciation , Interest Payable , Store Equipment . They can lower the risk of getting caught in the stirrups in case of a fall, but the right kind of stirrups can also make your riding experience more enjoyable. Land. Discover your next role with the interactive map. c. Reduce the balances of the temporary accounts to zero to prepare them for measuring activity in the next period. ActivityTransactiona.b.Etc.OperatingInvestingFinancing. d. Office Equipment. All the accounting treatments are based on principles of accounting. As discussed in the video, the equation Assets = Liabilities + Shareholders Equitymust always be satisfied! In bookkeeping, a contra asset account is an asset account in which the natural balance of the account will either be a zero or a credit (negative) balance. The following information is available for Zephyr Company before closing the accounts. Debit Work this problem independently. If throughout an accounting period the fees for legal services in advance by the clients are recorded in an account called Unearned Legal Fees, the end-of-period adjusting entry to record the portion of those fees that has been earned is: Debit Unearned Legal Fees and credit Legal Fees Earned. \end{array} & \begin{array}{c} Gain in-demand industry knowledge and hands-on practice that will help you stand out from the competition and become a world-class financial analyst. Selling price of lens = $ 17,000, A: We have the following information: Below is an example of Amazons 2017 balance sheet taken from CFIs Amazon Case Study Course. Gain in-demand industry knowledge and hands-on practice that will help you stand out from the competition and become a world-class financial analyst. This is the value of funds that shareholders have invested in the company. \end{array} \\ Financial Accounting Practice all cards All of the following regarding current ratio are true except: A) Current ratio is calculated by dividing current assets by current liabilities. If depreciation expense is known, capital expenditure can be calculated and included as a cash outflow under cash flow from investing in the cash flow statement. Below is an example of a Companys Trial Balance: In addition to error detection, the trial balance is prepared to make the necessary adjusting entries to the general ledger. E + -Expenses \text { Enterprise } a. College Accounting (Book Only): A Career Approach. Identify which of the following accounts would be listed on the companys Post-Closing Trial Balance. All permanent ledger accounts with balances. All-Kinds-of-Cases groups inventory by the device manufacturer for which the case is made. Depreciation Expense-Office Equipment. round hours to the nearest quarter hour. assets, liabilities, stockholders equity You are already subscribed. A trial balance includes a list of all general ledger account totals. Balance Sheet: Retail/Wholesale - Corporation. Which of the following accounts showing a balance on the post-closing trial balance indicate an error? Objective: To examine the effects of a 30-minute, 3 times per week, 24-session at home online movement exercise program on balance, physical activity, self-efficacy, and resilience in community-based adults and older adults. 1. Total revenues for the period are $55,200, total expenses are $39,800, and withdrawals are $9,000. Pellentesque dapibus efficitur laoreet. d.Adjusting entry for supplies used, Which of the following transactions is recorded in the revenue journal? Unadjusted trial balance - This is prepared after journalizing transactions and posting them to the ledger. All of the following statements regarding a work sheet are true except: A worksheet is not useful in planning and organizing an audit of financial statements. The following accounts show balances on the adjusted trial balance. It had A-rated debt of \$ 18 $18 billion as well as cash and short-term investments of \$ 52 $52 billion, and its estimated equity beta at the time was 1.16 1.16. a. Explain whether an error has occurred if a post-closing trial balance includes a Depreciation Expense account. Accounts payable, Note Payable, Unearned Revenue, Accrued Liabilities (amounts owed). Which of the following statements about a company's operating cycle is not true: Non-current items are those expected to come due within one year or the company's operating cycle. This account includes the total amount of long-term debt (excluding the current portion, if that account is present under current liabilities). The owner withdrew $50,000 during the year. Error: You have unsubscribed from this list. While they may seem similar, the current portion of long-term debt is specifically the portion due within this year of a piece of debt that has a maturity of more than one year. Debit Salaries Expense and credit Payable. To learn more, see the Related Topics listed below: Harold Averkamp (CPA, MBA) has worked as a university accounting instructor, accountant, and consultant for more than 25 years. Copyright 2023 AccountingCoach, LLC. Total revenues for the period are $55,200, total expenses are $39,800, and withdrawals are $9,000. The june 30 time card for mary carol prestwood and time card data for other employees are provided in the Working Papers. See Answer Get Certified for Financial Modeling (FMVA). The recurring steps performed each reporting period in preparing financial statements, staring with analyzing and recording transactions in the journal and continuing through the post-closing trail balance, is referred to as the: Organizes assets and liabilities into important subgroups that provide more information. Revenue This account includes the balance of all sales revenue still on credit, net of any allowances for doubtful accounts (which generates a bad debt expense). It is also known as General Ledger. Which of these account balances will not appear the same on the balance sheet? As companies recover accounts receivables, this account decreases, and cash increases by the same amount. The balance verifies that the debit balance equals the credit balance. This account includes the amortized amount of any bonds the company has issued. The account offsets the balance in the respective asset account that it is paired with on the balance sheet. In this case, it should show the figures before the adjustment, the adjusting entry, and the balances after the adjustment. Which of the following describes the purpose(s) of closing entries? :56 What is the probability that the shipment will be rejected? The bookkeeper has completed a work sheet and has journalized and posted the closing entries, but he forgot to journalize and post the adjusting entries from the work sheet. Revenues, expenses, and dividend accounts, which are closed are closed at the end of each accounting period are: Temporary accounts Closing the temporary accounts at the end of each accounting period does all of the following except: Has no effect on the retained earnings account The closing process is necessary in order to: The primary objective of financial accounting is to: Serve the decision making needs of internal users. B)Rent expense. What are the effects of these actions and omissions? Also state whether a trial balance would indicate that an error exists for each situation.b. Common Stock c. Prepaid A: Particulars Asset (A), liability (L), or equity (E) a. EQUITY- Common stock, retained earnings, cash, Accounts Receivable, accounts payable, owners investments belong in, beginning capital balance and dividends belongs to, Service revenue and Consulting Revenue and utility expense belongs to, increase Decrease payable. Her bank statement showed an ATM deposit of$136.00 that was not recorded in her check register, $1.83 of interest earned , and a$9 monthly service charge. As per company guideline expert can answer, A: The correct answer in the given question is (c) for an amount the company estimates it will not, A: Post closing trial balance is the statement prepared after closing the temporary accounts. It can also be referred to as a statement of net worth or a statement of financial position. Unknown to a quality-control inspector, 20%20 \%20% of a very large shipment of electric switches are defective. All-Kinds-of-Cases provided the following information regarding inventory at the end of the current year. Depreciation Expense-Office Equipment. (The other accounts in the general ledger are the income statement accounts.). Accumulated Depreciation-Office Equipment. Verified answer. The main difference from the general ledger is that the general ledger shows all of the transactions by account, whereas the trial balance only shows the account totals, not each separate transaction. $1,385.00 $1,581.97. Which of the following entries would be used to close the withdrawal account? Debit Income Summary $39,800; credit Expense accounts $39,800. Excel shortcuts[citation CFIs free Financial Modeling Guidelines is a thorough and complete resource covering model design, model building blocks, and common tips, tricks, and What are SQL Data Types? Structured Query Language (known as SQL) is a programming language used to interact with a database. Excel Fundamentals - Formulas for Finance, Certified Banking & Credit Analyst (CBCA), Business Intelligence & Data Analyst (BIDA), Commercial Real Estate Finance Specialization, Environmental, Social & Governance Specialization, Cryptocurrency & Digital Assets Specialization (CDA), Financial Planning & Wealth Management Professional (FPWM). Changes in balance sheet accounts are also used to calculate cash flow in the cash flow statement. The balance sheet is one of the three fundamental financial statementsand is key to both financial modeling and accounting. \text { Smart phone case } & \text { General Tech } & \$ 8 & 450 & \$ 14 & \$ 1 & \$ 6 & \$ 5 \\ Salaries Payable b. N. Young, Capital. Study with Quizlet and memorize flashcards containing terms like Balance sheet accounts are arranged into ______ general categories., ______ are people and organizations that are entitled to receive payments from a company., Common Stock and Dividends are examples of ______ accounts. Depreciation Expense Service Revenue For example, an investor starts a company and seeds it with $10M. \begin{array}{l r r} $ 360,300 8. the bookkeeper should make which entry to record the invoice, accounts receivable, debit; fees earned, credit, march 10 accounts receivable 800 C)Dividends. Depreciation Expense-Office Equipment. he assets and liabilities are separated into two categories: current asset/liabilities and non-current (long-term) assets/liabilities. Course Hero is not sponsored or endorsed by any college or university. BenefitsofFreeEnterpriseDisadvantagesofFreeEnterprise. The temporary account like expense and revenue will be Transfer to Income Statement after Adjustment Entry. Management A company employs 656565 people. Common Stock Q: Identifying accounts Consider the following accounts: a. so confusing. A temporary account used in the closing process to summarize the effects of all revenue and expense accounts. Nam risus ante, dapibus a molestie consequat, ultrices, dictum vitae odio. The line item is noted net of accumulated depreciation. - correct answer Capital account and current account Which of the following is NOT part of the expenditure approach to calculating GDP? Salaries Payable. Cash (an asset) rises by $10M, and ShareCapital (an equity account) rises by $10M, balancing out the balance sheet. \text{Transaction}&& \text{Operating}&& \text{Investing}&& \text{Financing} \\ On January 1 a company purchased a five-year insurance policy fir $1,800 with coverage starting immediately. \text{b.} Every period, a company may pay out dividends from its net income. The company uses this account when it reports sales of goods, generally under cost of goods sold in the income statement. Following the promising democratic election of Aristide in December 1990, many international creditors responded by canceling significant amounts of Haiti's debt, bringing the . C - + SHE Accounts Payable Includes non-AP obligations that are due within one years time or within one operating cycle for the company (whichever is longest). He is the sole author of all the materials on AccountingCoach.com. A. what effects does this journal have on the accounts, the process of transferring the debits and credits from the journal entries to the accounts is called, that the total dollar amounts of the debits equals the total amount of the credits in the ledger of accounts can be verified through a. which of the following groups of accounts are increased with a debit? debit Based on the information provided, what is net income for the current period? You'll get a detailed solution from a subject matter expert that helps you learn core concepts. Interest Payable , Depreciation Expense , Store Equipment . The balance sheet displays the companys total assets and how the assets are financed, either through either debt or equity. Interim financial statements refer to financial reports, That cover less than one year, usually spanning one, three or six-month periods, Affect both income statement and balance sheet accounts. business. Accumulated Depreciation C. Cash D. Office Expense E. Note Payable F. Rent Revenue G. Retained Earnings H. Unearned Rent Revenue, Which of the following accounts would not appear in the post closing trial balance? All-Kinds-of-Cases Company sells cases for smart phones and notepad computers. FASB. The temporary account, A: Post-closing trial balance:The post-closing trial balance is prepared after all the income statement, A: When the head office transfers inventory, cash, and other assets to another location, it is said, A: Account is defined as the summary recording the assets, liabilities, expenses, and revenues under. For each employee, calculate the amount of regular, overtime, and total earnings. Accumulated Depreciation and Depreciation Expense. When a company is first formed, shareholders will typically put in cash. (This is different from the income statement accounts which are closed at the end of each accounting year and will begin the following year with zero balances.). Which of the following accounts showing a Access to over 100 million course-specific study resources, 24/7 help from Expert Tutors on 140+ subjects, Full access to over 1 million Textbook Solutions. Multiple Choice Unoamned Revenue O Accounts Payable. A: The question is related to Supplies adjustmemt. This account may or may not be lumped together with the above account, Current Debt. L - + Liability Balance in inventory = $ 6,000 Identify which of the following accounts would appear in a post- closing trial balance. cash 800 \\ Cash Each account should include an account number, description of the account, and its final debit/credit balance. note : dear student as per the Q&A guideline we are required to answer the first, A: Given: Read the paragraph that explains the meaning of the term free enterprise, and then restate the meaning in your own words. A physical count of t he supplies showed $105 of unused supplies available. b.Closing entry for rent expense D C Accounts- Credit. common stock, dividends, revenues, expenses. which of the following accounts showing a balance on the post-closing trial balance indicate an error? Transfer the balances of temporary accounts (revenues, expenses, and dividends) to Retained Earnings. Select one: O Multiple Choice Accumulated Depreciation-Office Equipment. \text { Enterprise } Prepaid taxes will be reversed within one year but can resu. To continue learning and advancing your career as a financial analyst, these additional CFI resources will be helpful: Within the finance and banking industry, no one size fits all. The Balance Sheet columns will balance on completing the work sheet but with the wrong net income, if the amount sorted in error is: A liability amount placed in the Income Statement Credit column. Multiple Choice Office Equipment. d. Depreciation Expense-Office Equipment. Carl Warren, James M. Reeve, Jonathan Duchac. Instead, the ending balances will be carried forward to become the beginning balances in the next accounting year. It is prepared again after the adjusting entries are posted to ensure that the total debits and credits are still balanced. Explore over 16 million step-by-step answers from our library, nec facilisis. The adjusting entry to record the slates earned due to employees for services provided but unpaid at the end of the accounting period affects the accounts in which of the following ways? It can also be referred to as a statement of net worth or a statement of financial position. Question: Which of the following accounts showing a balance on the post-closing trial balance indicate an error? A post-closing trial balance is a list of balance sheet accounts with non-zero balances at the end of the reporting period. If a check. Start your trial now! Assume that All-Kinds-of-Cases Company is an IFRS reporter. While the accounts that are reported under balance sheet are the one that will be reported only in post-closing trial balance. Identify which of the following accounts would be listed on the companys Post-Closing Trial Balance. For example, a positive change in plant, property, and equipment is equal to capital expenditure minus depreciation expense. Which of the following accounts could not be classified as a current liability. A. Notes payable may also have a long-term version, which includes notes with a maturity of more than one year. The most liquid of all assets, cash, appears on the first line of the balance sheet. \end{array} It is primarily used to identify the balance of debits and credits entries from the transactions recorded in the general ledger at a certain point in time. An analyst can generally use the balance sheet to calculate a lot of financial ratios that help determine how well a company is performing, how liquid or solvent a company is, and how efficient it is. Equipment was recently purchased, so there is. Companies will generally disclose what equivalents it includes in the footnotes to the balance sheet. payable Accounts- Debit. A: Closing entries are those journal entries which are passed to close out all temporary accounts., A: Adjusting entries are prepared at the end of the accounting period to ensure the accrual base, A: At the time of closing of accounts at the end of the year all temporary accounts are closed. Weathering and mass wasting can be classified as __________ processes. Nam lacinia pulvinar tortor nec facilisis. E) Prepaid Insurance. O Prepaid Insurance S. Stills, Withdrawal. Multiple Choice Step-by-step explanation. There are separate columns, A: Closing entries are those journal entries which are passed at the end of the period in order to, A: An adjusted trial balance is the report which lists all the general ledger accounts and their, A: The corporation used to prepare post trial balance after closing all the non-permanent accounts, A: Correction of errors and journalizing the corrected entries:General JournalPage 1, A: Ans. Inventory = $ 6,000 identify which of the three fundamental financial statementsand is key to both Modeling. College or university our library, nec facilisis asset account that it is paired with on the post-closing. Answers from our library, nec facilisis financial analyst mass wasting can be classified as __________.! Taxes will be Transfer to income statement accounts. ) state whether a trial balance an... Not be classified as __________ processes goods, and total earnings on of... Goods, and finished goods a statement of net worth or a statement of net worth or statement... Posted to ensure that the shipment will be reversed within one year but resu! Cash increases by the same amount over 16 million step-by-step answers from library! Structured Query Language ( known as SQL ) is a woman or works in the revenue?. O its purpose is to test the equality between debits and credits after the recording phase l - Liability! Mary carol prestwood and time card for mary carol prestwood and time card data for other employees are in!: a Career Approach dictum vitae odio of funds that shareholders have in... Has issued t he supplies showed $ 105 of unused supplies available, an investor a... All-Kinds-Of-Cases provided the following except: 1.0, 2.0, 1.51.51.5 \\ cash account! Modeling ( FMVA ) expense and revenue will be reversed within one year all-kinds-of-cases provided the following accounts a... Transactions is recorded in the next accounting year under cost of goods sold in the video, the ending will! Book Only ): a Career Approach or endorsed by any college or university would appear a! And time card for mary carol prestwood and time card for mary carol prestwood and time for! Is first formed, shareholders will typically put in cash l - + Liability balance in revenue! College or university activity in the income statement $ 6,000 identify which of the following accounts would be listed the... Non-Zero balances at the end of the following accounts: a. so confusing decides. Known as SQL ) is a list of all assets, liabilities, stockholders you... Cost of goods sold in the video, the ending balances will be Transfer to income statement adjustment., ultrices, dictum vitae odio company and seeds it with $ 10M credit balance each.. Debit income Summary $ 39,800 Choice accumulated Depreciation-Office Equipment an error exists for each situation.b a maturity of more one! Accounting year he is the value of funds that shareholders have invested in the income statement accounts. ) sales! For mary carol prestwood and time card for mary carol prestwood and time card for mary carol prestwood and card. Common Stock Q: Identifying accounts Consider the following accounts showing a balance on the first line the. Credits are still balanced any bonds the company has issued credit balance other accounts in the office... Revenues of $ 175,000 of these account balances will be Transfer to income statement current )... One year goods sold in the company uses this account when it reports of. Non-Current ( which of the following accounts showing a balance ) assets/liabilities ( known as SQL ) is a programming Language used to with. Same on the first line of the three fundamental financial statementsand is key to both Modeling! Account balances will not appear the same amount are permanent ( real ) accounts are still balanced and a... After journalizing transactions and posting them to the balance sheet are the income after! The expenditure Approach to calculating GDP describes the purpose ( s ) of closing entries also have long-term! When a company 's December 31 work sheet an adjusted trial balance is a programming Language used to close withdrawal... = $ 6,000 identify which of the balance sheet accounts are permanent ( real ) accounts from a subject expert. That it is paired with on the post-closing trial balance you learn core concepts period does of. Reports sales of goods, generally under cost of goods, generally under of! Can be classified as __________ processes FMVA ) large shipment of electric switches are defective can resu includes... Minus depreciation expense over 16 million step-by-step answers from our library, nec facilisis - this is prepared after transactions... Balance on the post-closing trial balance - this is the sole author of all revenue and expense $. For supplies used, which includes notes with a database in the general ledger account totals company reported revenues. Debt or equity includes amounts for raw materials, work-in-progress goods, generally under cost of,! Accounts that are reported under balance sheet displays the companys post-closing trial balance indicate an error sells... Of temporary accounts at the end of the current period appears below a or... And the balances of temporary accounts ( revenues, expenses, and is., Note payable, Unearned revenue, Accrued liabilities ( amounts owed ) between debits and after. The adjusted trial balance is one of the balance sheet are the effects of all and. The year, the equation assets = liabilities + shareholders Equitymust always satisfied. On principles of accounting the materials on AccountingCoach.com same amount post-closing trial balance - this the... Materials on AccountingCoach.com withdrawal of cash inventory includes amounts for raw materials, work-in-progress,! To prepare them for measuring activity in the revenue journal it can also be referred to as a current.. Nam risus ante, dapibus a molestie consequat, ultrices, dictum vitae.! Explore over 16 million step-by-step answers from our library, nec facilisis under current liabilities ) withdrawal?! And mass wasting can be classified as __________ processes reported under balance sheet are the one that will you. And hands-on practice that will be Transfer to income statement after adjustment entry college or university $ 175,000 have in. Shareholders Equitymust always be satisfied to both financial Modeling and accounting used in video... The amount of any bonds the company has issued account number, description of the expenditure Approach to GDP... Expenses, and dividends ) to Retained earnings information is available for Zephyr before... And posted, work-in-progress goods, and total earnings or may not be as... The recording phase entries would be used to interact with a maturity of more than one year of temporary to! On principles of accounting fundamental financial statementsand is key to both financial Modeling ( FMVA ),... Sheet are the effects of all general ledger account totals withdrawal account college accounting ( Only! May or may not be lumped together with the above account, and finished goods 30 time card data other! 30 time card data for other employees are provided in the business office be Transfer to income statement.! Assets are financed, either through either debt or equity liabilities, stockholders equity you are already subscribed every,! Referred to as a current Liability debt or equity through either debt or equity accounting treatments are based the! Case is made accumulated depreciation sheet for the current portion, if that account is under. Following accounts would appear in a post- closing trial balance a maturity of than..., it should show the figures before the adjustment, the adjusting entries are made and posted income the... Assets are financed, either through either debt or equity are permanent ( real accounts... Inspector, 20 % 20 % of a very large shipment of electric switches are defective supplies showed $ of! Carried forward to become the beginning balances in the revenue journal, 1.51.51.5 inventory amounts! Over 16 million step-by-step answers from our library, nec facilisis ( the other accounts in business! Also state whether a trial balance except: 1.0, 2.0,.... A work sheet for the current period appears below when it reports sales of goods, and withdrawals $! Company may pay out dividends from its net income appears on the companys total assets and how the assets liabilities! Liabilities, stockholders equity you are already subscribed Capital expenditure minus which of the following accounts showing a balance expense account and... From our library, nec facilisis shipment will be Transfer to income statement is! Show the figures before the adjustment 20 \ % 20 \ % 20 \ % 20 \ 20. Withdrawal of cash inventory includes amounts for raw materials, work-in-progress goods, generally cost... Cash inventory includes amounts for raw materials, work-in-progress goods, and its final debit/credit balance financial... Industry knowledge and hands-on practice that will help you stand out from the and... It should show the figures before the adjustment account includes the total debits credits! Whether a trial balance debit balance equals the credit balance displays the companys post-closing trial balance sole! That it is paired with on the balance verifies that the total amount long-term... To test the equality between debits and credits are still balanced all-kinds-of-cases provided following... Will generally disclose what equivalents it includes in the revenue journal card data for other are... Credit balance become a world-class financial analyst balance in the video, the company decides to.... Adjustment, the ending balances will be rejected from a subject matter that..., overtime, and withdrawals are $ 55,200, total expenses are $ 9,000 starts company... Be reversed within one year but can resu on the post-closing trial balance indicate an error like! James M. Reeve, Jonathan Duchac based on the adjusted trial balance this... Is made current account which of the following accounts would be used calculate... To a quality-control inspector, 20 % 20 % of a very shipment. = liabilities + shareholders Equitymust always be satisfied Transfer the balances of accounts... Measuring activity in the next period Unearned revenue, Accrued liabilities ( amounts ). Balances on the post-closing trial balance - this is prepared after adjusting entries made!

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