Select the best explanation for the following adjusting entry:Supplies Expense     2,555         Supplies                   2,555

Write the Accounting Equation:

Revenues minus expenses describes which financial statement:

The goal of the Balance Sheet is to show the net income of a business.

What is the last account that should be listed on the Post Closing Trial Balance?

Examples of temporary accounts, those accounts that are closed during the closing process, are Supplies and Land.

The type of account and normal balance of Accumulated Depreciation is:

The Balance Sheet identifies the Net Income for a business.

Identify how the accounts below are impacted by the adjusting journal entry:   Unearned Fees     500         Fees Earned    500

The Adjusting journal entries need to be done before the financial statements can be prepared.