Reference no: EM132785565
True or false
Question 1: The Summary account will appear on the post-closing trial balance.
Question 2: The post-closing trial balance contains asset, liability, withdrawal and capital accounts.
Question 3: The final trial balance is called a post-closing trial balance.
Question 4: A reversing entry is a journal entry which is the exact opposite of a related adjusting entry made at the end of the period.
Question 5: To simplify the recording of regular transactions in the next accounting period, journal entries are reversed.
Question 6: Post-closing trial balance tests the equality of the accounts after the adjustments and the closing entries are posted.
Question 7: Supplies Expense is a temporary account.
Question 8: A revenue account is closed with a credit to the revenue account and a debit to Income Summary.
Question 9: An expense account is closed with a debit to the expense account and a credit to Income Summary.
Question 10: Income Summary is closed with a debit to Income Summary and a credit to theOwner's Withdrawals account.
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