The revenue and expense accounts are exteneded to or flow into the () columns. Hints:every first letter should be in upper case in the end-of-period spreadsheet.
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The assets, liabilities, owner’s capital, and drawing accounts are extended to the () columns in the end-of-period work sheet. Hints: every first letter should be in upper case.
The adjusted trial balance verifies the equality of the total debit and credit balances, while the unadjusted trial balance dose not.()
Closing entries result in the owner’s capital account being transferred into net income or net loss for the period ending.()
Closing entries result in net income or net loss being transferred to the owner’s capital account()