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.