Reference no: EM132809707
Problem 1: if the last item on a trial balance reads "Owner's Equity", this must be the
a. post-closing trial balance. C. adjusted trial balance.
b. unadjusted trial balance. d. reversed trial balance.
Problem 2: If a trial balance were to be prepared on the first day of the new year, and the account Salaries Expense had a credit balance, you would know that
a. the trial balance is a post-closing trial balance.
b. the adjusting entries have been recorded.
C. the trial balance is an adjusted trial balance.
d. a reversing entry has been made.
Problem 2: Reversing entries are
a. optional.
b. made to record a change in corporate objectivees.
C. required by generally accepted accounting principles.
d. made prior to preparing a post-closing trial balance.