1 tco 1 which statement s summarizes the revenues and expenses of an entity 497751

balance sheet.
income statement.
statement of retained earnings.
both balance sheet and the statement of retained earnings.

debit to Cash and a credit to Prepaid Insurance
debit to Prepaid Insurance and a credit to Cash
debit to Prepaid Insurance and a credit to Insurance Expense
debit to Insurance Expense and a credit to Dividends

debit; credit
debit; debit
credit; debit
credit; credit

The trial balance must be prepared at the end of the accounting period.
The trial balance is a list of all accounts with their balances.
The trial balance lists the balance sheet accounts and their balances first and then the income statement accounts and their balances.
The trial balance lists asset accounts and their balances first, then liability accounts and their balances, and then stockholders equity accounts and their balances.

credit; liability
debit; asset
credit; stockholders equity
debit; expense

not needed under the accrual basis of accounting.
prepared at the option of the auditor.
prepared at the beginning of the accounting period to update all accounts.
prepared at the end of the accounting period to update certain accounts.

accrued expense.
deferred expense.
unearned revenue.
accrued revenue.

bank collections.
bank fees.
outstanding checks.
NSF checks.

to promote operational inefficiency.
to encourage adherence to company policies.
to ensure accurate and reliable accounts records.
to safeguard assets.