1 The final closing entry to be journalized is typically the entry that closes the O a. Owner's drawings account b. Expense accounts c. Revenue accounts O d. Owner's capital account 2 In work sheet...

these multiple choice Questions from ACCOUNTING PRINCIPLES 1 Course.

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Extracted text: 1 The final closing entry to be journalized is typically the entry that closes the O a. Owner's drawings account b. Expense accounts c. Revenue accounts O d. Owner's capital account 2 In work sheet Net income of $ 100,000 should be shown as O a. Debit balance in the adjusted trial balance O b. Credit balance in income statement O . Debit balance in income statement O d. Debit balance in the Balance sheet If a business had received cash in advance of future services, the adjusting entry needed after the services are performed will be O a. Debit Unearned Service Revenue and credit Service Revenue O b. Debit Unearned Service Revenue and credit Prepaid Expense O . Debit Unearned Service Revenue and credit Cash O d. Debit Unearned Service Revenue and credit Accounts Receivable