References Knowledge Check 01 The adjusted trial balance is used to verify that total de Bts equal total credits after account balances have been updated to reflect adjusting entries. True or False True False Financial statements are typically prepared before completing the adjusted trial balance. True or False True False Knowledge Check 01 The adjusted trial balance for Willow Company as of December 31 is presented below. Credit Debit $ 15,000 22,000 165,000 Cash Accounts Receivable Land Accounts Payable Common Stock Retained Earnings Service Revenue Salaries Expense Advertising Expense Utilities Expense Totals 32,000 60,000 89,000 57,000 19,000 11,000 6,000 $ 238,000 $ 238,000 Calculate net income