7 (LO 3, 4) (Adjusting Entries and Financial Statements) Rolling Hills Golf Inc. was organized on July 1, 2025. Quarterly financial statements are prepared. The u ance and adjusted trial balance on September 30 are as follows. Cash Accounts Receivable Prepaid Rent Supplies Rolling Hills Golf Inc. Trial Balance September 30, 2025 Equipment Accumulated Depreciation Equipment Notes Payable Accounts Payable Salaries and Wages Payable Interest Payable Unearned Rent Revenue Common Stock Retained Earnings Dividends Service Revenue Rent Revenue Salaries and Wages Expense Rent Expense Depreciation Expense Supplies Expense Utilities Expenses Interest Expense Unadjusted Dr. $ 6,700 400 1,800 1,200 15,000 600 8,800 900 470 Cr. $5,000 1,070 1,000 14,000 0 14,100 700 605 070 605 070 Adjusted Dr. $ 6,700 1,000 900 180 15,000 600 9,400 1,800 350 1,020 470 50 605 170 Cr. $ 350 5,000 1,070 600 50 800 14,000 0 14,700 900 007 170

Closing entries have two purposes. What are they?

An adjusting entry is considered a(n) _____ type transaction.

Which of the following statements related to job cost sheets is FALSE? a. Job cost sheets normally do not include the selling price of the job completed. O b. None of the given answers is FALSE. O c. Individual job cost sheets are used by companies which produce shoes. O d. Applied manufacturing overhead costs are included in job cost sheets. O e. Ajob cost sheet does not include selling and administrative costs. US PAGE NEXT PAGE MAR 18 étv 66 MacBook Air