Question 6 Not yet answered Each adjusting entry affects one statement only financial position or income statement Marked out of 1.00 Select one: O True Flag question False Question 7 Nominal accounts are assets, and liabilities accounts and are periodically closed. Not yet answered Select one: True Marked out of 1.00 False P Flag question Question 9 The ending retained earnings balance is reported on both the retained earnings statement and Income statement Not yet answered Marked out of 1.00 Select one: True P Flag question False