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Question 41. Liquidity is a measure of how __________.quickly an asset may be converted into cashlong an asset can be usedeasily an asset can be exchanged for another assetquickly an asset appreciates in valueQuestion 51. Adjusting journal entries are prepared __________.after preparing the adjusted trial balanceafter preparing the unadjusted trial balanceafter posting the closing entriesafter preparing the financial statementsQuestion 61. Which of the following accounts will be closed by debiting the Income Summary account?Owner, capitalService revenueAccounts receivableSalaries expense