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Question 3 (1 point) The accountant did not prepare an entry to adjust the Supplies account at the end of the accounting period. Which is the result? The Supplies account was overstated. The total expenses were understated. The net income was overstated. The owner's equity was overstated. All of the above are true. Question 4 (1 point) On the basis of the following data, what is the proper adjusting entry for June 30, the end of the fiscal year? Supplies account balance before adjustment, $1900 Supplies physical inventory on June 30, $750. Debit Supplies Expense $1150; credit Supplies $1150. Debit Supplies Expense $1900; credit Supplies $1900. Debit Supplies Expense $750; credit Supplies $750. Debit Supplies $750; credit Supplies Expense $750. Question 5 (1 point) The source of data for preparing closing entries is the worksheet. All of the above. the trial balance. the general ledger. Question 6 (1 point) When all the closing entries have been posted, a net income will be shown on the debit side of the Capital account. credit side of the Drawings account. credit side of the Capital account. debit side of the Drawings account. Question 9 (1 point) Which of the following statements concerning the Accumulated Depreciation account is false? It is an asset account. It has a credit balance. It is closed at the end of the fiscal period. It appears on the balance sheet

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