Reference no: EM132809726

Problem 1: Closing entries ultimately will affect

a. total liabilities.

b. the Cash account.

C. total assets.

d. the Owner's Capital account.

Problem 2: If no adjustments are needed for a particular entity, its

a. post-closing trial balance will be identical to its trial balance.

b. adjusted trial balance will be identical to its post-closing trial balance

c. trial balance will be identical to its adjusted trial balance.

d. trial balance, adjusted trial balance, and post-closing trial balance will be identical.

Problem 3: Which of the following accounts is not closed during the closing process?

a. Income Summary

b. Owner's Capital

c. Commissions Revenues

d. Owner's Withdrawals