Author Question: Once the adjusting entries are posted, the Adjusted Trial Balance is prepared to a. verify that the ... (Read 120 times)

cartlidgeashley · **on:** Jul 5, 2018

Once the adjusting entries are posted, the Adjusted Trial Balance is prepared to
a. verify that the debits and credits are in balance
b. verify that the net income correctly flows into the statement of owner's equity from the income statement
c. verify that the net income (loss) is correct for the period
d. verify the correct flow of accounts into the financial statements

Question 2

Assume that Congress enacted an appropriation for a federal agency in the amount of 500,000 . The proprietary entry that would be necessary would be
dr cr

a. Fund Balance with Treasury 500,000Unexpended Appropriations 500,000
b. Cash 500,000Appropriations 500,000
c. Appropriation Realized 500,000Unapportioned Authority 500,000
d. Cash 500,.000
Obligations 500,000
e. No entry is required.