Question 29(1 point)

On common-size balance sheets, individual items are expressed as a percentage of total assets

Question 29 options:

True/False

Question 30(1 point)

The adjusting entry for insurance used is a debit to Insurance Expense and a credit to Prepaid Insurance.

Question 30 options:

True/False

Question 31(1 point)

When revenue accounts are closed, the Income Summary account is debited

Question 31 options:

True/False