12. Which of the following is prepared first?a. balance sheetb. expense sheetc. statement of owner’s equityd. income statement20. If cash has been debited, it is likely that:a. the owner made an investmentb. a charge customer made a paymentc. the business borrowed cash from the bankd. All of the above.21. If prepaid rent has been debited, it is likely that:a. the rent was paid for three months in advanceb. a bill for the past month’s rent was receivedc. this month’s rent was paidd. All of the above.22. Proof that the dollar amount of the debits equals the dollar amount of the credits in the ledger means:a. all of the information from the journal was correctly transferred to the ledgerb. all accounts have their correct balances in the ledgerc. only the ledger is accurate; the journal may be incorrectd. only that the debit dollar amounts equal the credit dollar amounts23. In preparing the trial balance of the K&L’s Bridal Service, the withdrawal account (which had a normal balance in the general ledger) was listed as a credit for $400. What will be the difference between the debit and credit sides of the trial balance?a. $150b. $200c. $300d. $80024. The trial balance:a. includes all accounts with a balance in the ledgerb. includes assets, liabilities, capital, withdrawals, revenues and expensesc. ensures that debits equal creditsd. All of the above.Unit 1 Examination 25) The proper format for a journal entry includes all of the following, except:a. the total amounts of debits must equal the total amount of creditsb. skip a line between transactionsc. the credit portion of the transaction is always firstd. listed in chronological order
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