The beginning capital balance shown on a statement of owner's equity is $72,000. Net income for the period is $21,000. The owner withdrew $4,000 cash from the business and made no additional investments during the period. The owner's capital balance at the end of the period is: Multiple Choice $68,000 $72,000. O $89,000 O O $93.000 Which of the following is a section within a classified balance sheet? Multiple Choice Operating Expenses Cost of Goods Sold Other Income O O Long-Term Liabilities Which of the following statements is not correct? Multiple Choice All adjustments are shown on the worksheet. After the financial statements have been prepared, the adjustments are made a permanent part of the accounting records. Adjustments are recorded in the general journal as adjusting journal entries and are posted to the general ledger. O All of the statements are correct. Which of the following statements is not correct? Multiple Choice Reversing entries are made to reverse the effect of certain adjustments. Reversing entries provide a way to guard against oversights, eliminate the review of accounting records, and simplify the entry made in the new period. A reversing entry is the exact opposite (the reverse) of the adjustment. O O After the reversing entry is posted for the adjustment made to recognize the salaries expense at the end of the accounting period, the Salaries Expense account will have a zero balance and the Salaries Payable account will have a credit balance