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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 baiance will be identical.
Financial Statement Analysis and Preparation
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