1. Business
  2. Accounting
  3. please provide answers with explanations...

Question: please provide answers with explanations...

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Determine whether each of the following is true or false. If the period revenues are greater than the period expenses, and there are no gains or losses, then Retained Earnings must increase during the period In a post-closing trial balance, revenue and expense accounts must have a zero balance.. If debits equal credits on the trial balance, you still cannot know with certainty that your records are correct. The percentage used to estimate the bad debt expense using the percentage of sales method will always exceed the percentage used to estimate the bad debt expense using the percentage of accounts receivable method If prices are increasing then FIFO, compared with LIFO, will show a higher net income for the period At the end of the second year of ownership of a long-term asset, before the closing entry is made, the balance in the accumulated depreciation account must be equal to or greater than the balance in the depreciation expense account. 2 3please provide answers with explanations

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