) A form used to organize and check data before preparing financial reports is known as a(n):A) statement of financial position.B) income statement.C) ledger. D) worksheet.2) Bringing account balances up to date before preparing financial reports is called:A) posting.B) adjusting.C) journalizing.D) closing.3) An adjustment for Prepaid Rent Expense would indicate:A) the amount originally paid.B) the amount expired. C) the amount of the ending balance.D) the amount of the beginning balance.4) If the balance of supplies at the start of the month was $1000 and at the end of the month you had $500 on hand, the adjustment for Supplies would be:A) $500 .B) $600 .C) $400 .D) $1000.5) The adjustment to record supplies used during the period would be: A) debit Supplies; credit Supplies Expense.B) debit Supplies Expense; credit Cash.C) debit Supplies Expense; credit Supplies.D) debit Supplies; credit Cash.6) A contra-asset is:A) a liability.B) an asset with a debit balance.C) an account with an opposite balance of a normal asset account.D) a revenue account.7) If the adjustment for Supplies used during the period was NOT made:A) expenses would be too low.B) assets would be too low.C) expenses would be too high.D) revenue would be too low. 8) NOT recording the Prepaid Rent Expense used causes: A) assets to be too low.B) liabilities to be too high.C) expenses to be too low.D) revenue to be too low.