Which of the following is provided by a trial balance in which total debits equal total credits?
A. Proof that no transaction was completely omitted from the ledger during the posting process.
B. Proof that the correct debit or credit balance has been computed for each account.
C. Proof that the ledger is in balance.
D. Proof that transactions have been correctly analyzed and recorded in the proper accounts.
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On July 31,2020, $ 3 600 is paid for a one-year insurance policy. On December 31,2020, the adjusting entry for prepaid insurance would include ().
A debit to Insurance Expense, $ 3 600×
B. A credit to Prepaid Insurance, $3 600
C. A credit to Prepaid Insurance, $2 100
D. A debit to Insurance Expense, $ 1 500
During 2020, A company incurred salary expense of $ 240 000. Beginning and ending Salary Payable was $ 4 000 and $ 8 000 , respectively. In 2020, A company paid salaries of ().
A. $ 248 000
B. $ 240 000
C. $ 236 000
D. $ 244 000
Indicate all of the following statements that correctly describe net income. Net income ().
A. is equal to revenue minus expenses
B. is equal to revenue minus the sum of expenses and dividends
C. increases owners' equity
D. is reported by a company for a specific period of time
Identify all correct answers. Distribution of cash dividends ().
A. decrease owners' equity
B. decrease net income
C. are recorded by debiting the Dividend Payable Account
D. are business expenses
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