26. a. c. e. 27. a. b. c. d. e. ACC101 EXAM #IA RFQT The equality of the debit and credit totals on a trial balance indicates: total debits equal total credits b. there were no errors in the account balances. there was a posting error. d. nothing, because they must balance the first time a trial balance is prepared. the existence of a fake entry. Posting refers to the process of journalizing data. making a trial balance. transferring data to a ledger account. selecting the data to be recorded in the journal. preparing financial statements. How many of the following financial statements (balance sheet, income statement, statement of owner's equity) would have a heading indicating a period of time, for example, "For the Year Ending May 31, 2020"? Three Two 28. a. b. C. d. One None 29. a. b. 30. a. c. if total assets increased by $6,000 during a period of time and owner's equity decreased by $9,000 during the same period, the amount and direction (increase or decrease) of the period's change in total liabilities is: (Hint: A-L+OE) $15,000 increase $3,000 increase $15,000 decrease d. $3,000 decrease Adjusting entries are made to ensure that expenses are recognized in the period in which they are incurred. b. revenues are recorded in the period in which they are earned. balance sheet and income statement accounts have correct balances at the end of an accounting period. d. all of the above. e. none of the above. Shen Company purchased equipment for $15,000 on January 1, 2011 and takes depreciation of $2,000 each year. The balance sheet prepared on December 31, 2020 would show equipment with a: cost of $13,000 b. book value of $15,000. book value of $11,000 cost of $11,000. book value of $13,000 31. a. c. d. e