Which of the Following Does Not Occur for a Trustee

question 35

Multiple Choice

Which of the following does not occur for a trustee in a Chapter 7 bankruptcy case?

• A)Gains and losses on the sale of assets are debited to the estate equity account.
• B)Unrecorded liabilities discovered by the trustee are debited to the estate equity account and credited to the liability account.
• C)Liquidation expenses are debited to the estate equity account.
• D)An income statement is prepared showing gains and losses on sale of assets.