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SHORT ANSWER. Write the word or phrase that best completes each statement or answers the question. 23) On December 14, 2015, Kinsmen Company received 57,700 for consulting 23) services that will be performed in January 2016. Prepare a general journal entry to record the receipt. TRUE FALSE. Write T if the statement is true and F if the statement is false. 24) A work sheet is prepared before entering the adjustments in the accounts. 25) Closing entries are normally entered in the General Journal and then recorded on the work sheet 26) Closing revenue and expense accounts at the end of the accounting period serves to make the revenue and expense accounts ready for use in the next period. 26) 27) 27) Closing entries accomplish the goal of reflecting revenues and expenses in the owner's capital account 28) 28) After posting the entries to close all revenue accounts and all expense accounts, the Income Summary account of Waif Services has a $4.000 debit balance. This shows that Waif Services earned profit of $4,000. 29) 29) The current ratio is used to evaluate the ability of a business to meet its short-term obligations MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question. 30) The Unadjusted Trial Balance columns of the work sheet show the balance in the Office 30) Supplies account at $750. The Adjustments columns show that $425 of these supplies were used during the period. The amount shown as Office Supplies in the Balance Sheet columns is: A) S325 debit B) S325 credit C) $750 debit D) $750 credit E) S425 debit

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