It is obvious that an error occurred in the preparation and/or posting of closing entries if:
A) all revenue and expense accounts have zero balances.
B) the Retained earnings account is debited for the amount of the net loss for the period.
C) the income summary account is debited for the amount of net income for the period.
D) all balance sheet accounts have zero balances.
E) only permanent accounts appear on the post-closing trial balance.
D) all balance sheet accounts have zero balances.
You might also like to view...
Which of the following is a true statement about trends related to gender segmentation?
A) The education and income gap between men and women closed in the latest recession. B) In the recent recession, women held about three in four of the jobs that were lost. C) Men are now increasingly likely to marry women with more education and income than they have. D) In recent decades, the economic gains of marriage have been greater for women than for men. E) Women are now increasingly likely to marry men with more education and income than they have.
Grannis Corporation purchased land adjacent to its plant to improve access for trucks making deliveries. Expenditures incurred by the company were as follows: purchase price, $40,000; broker's fees, $7,000; title search and other fees, $6,000;
demolition of an old building on the property, $3,700; grading, $1,200; digging foundation for the road, $3,000; laying and paving driveway, $25,000; lighting, $7,500; signs, $1,500. List the items and the amounts that should be included in the cost of the land and recorded in the Land account.
The text poses the following possible ethics question based on one of the seven classical virtues: “When have we been our best at encouraging life-work balance?” On which virtue is this question based?
a. trust b. justice c. wisdom d. temperance
At common law, parties to an illegal contract were considered in equal fault
Indicate whether the statement is true or false