Reference no: EM132785563

True or False: Please provide an explanation for guidance

Question 1: There Is sufficient information on a post-closing trial balance to create a balance sheet.

Question 2: There is sufficient information on a post-closing trial balance to formulate a statement of changes in equity.

Question 3: If the post-closing trial balance does not balance, then the error(s) definitely occurred at some point during the closing process.

Question 4: The adjusting entries involving Rent Receivable and Salaries Payable could be reversed.

Question 5: The adjusting entries involving Depreciation Expense-Building and Supplies Expense could be reversed.

Question 6:  All nominal accounts must be closed before the Income Summary account can be closed.

Question 7: The post-closing trial balance will have fewer accounts than the adjusted trial balance.

Question 8: The balances of all the accounts that appear on a balance sheet are the same on the adjusted trial balance as they are on a post-closing trial balance.

Question 9: There is sufficient information on a post-closing trial balance to provide an income statement.

Question 10: The post-closing trial balance will contain only real accounts.