What is the difference between a pre-closing and post-closing trial balance? O a. Pre-closing includes revenues and expenses, while post-closing does not. O b. Post-closing includes the effects of adjusting journal entries, while pre-closing does not. O c. Pre-closing includes the effects of adjusting journal entries, while post-closing does not. O d. Post-closing includes revenue and expense accounts, while pre-closing does not.
What is the difference between a pre-closing and post-closing trial balance? O a. Pre-closing includes revenues and expenses, while post-closing does not. O b. Post-closing includes the effects of adjusting journal entries, while pre-closing does not. O c. Pre-closing includes the effects of adjusting journal entries, while post-closing does not. O d. Post-closing includes revenue and expense accounts, while pre-closing does not.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Question 31?
Transcribed Image Text:O c. Revenue will increase, but total assets will not.
O d. Neither revenue nor total assets will increase.
QUESTION 31
What is the difference between a pre-closing and post-closing trial balance?
O a. Pre-closing includes revenues and expenses, while post-closing does not.
b. Post-closing includes the effects of adjusting journal entries, while pre-closing does not.
O c. Pre-closing includes the effects of adjusting journal entries, while post-closing does not.
O d. Post-closing includes revenue and expense accounts, while pre-closing does not.
QUESTION 32
ABC Corporation borrows $12,000 cash on February 1. The loan has an annual interest rate of 9 perce
on November 30. What is the monthly interest expense for this loan?
Expert Solution
Step 1
Since you have asked multiple question, we will solve the first question for you. If you want any specific question to be solved then please specify the question number or post only that question.
Trending now
This is a popular solution!
Step by step
Solved in 3 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education