Which statement is false?

a. Most companies typically do not have to prepare the adjusting journal entries.
b. Periodically, certain adjustments that are not daily business activities must be made to the accounts to update the balances.
c. The adjusted balances are used to prepare the financial statements. These adjusting journal entries must always be made on the date the financial statements are prepared, but they can be recorded more often.
d. The adjustments, called adjusting journal entries, are always recorded in the general journal. They are then posted to the general ledger to update the balances in the accounts.

Neveready flashlights inc. needs $317,000 to take a cash discount of 3/15, net 70. a banker will loan the money for 55 days at an interest cost of $13,200. a. what is the effective rate on the bank loan? (use a 360-day year. do not round intermediate calculations. input your answer as a percent rounded to 2 decimal places.) b. how much would it cost (in percentage terms) if the firm did not take the cash discount but paid the bill in 70 days instead of 15 days? (use a 360-day year. do not round intermediate calculations. input your answer as a percent rounded to 2 decimal places.) c. should the firm borrow the money to take the discount? no yes d. if the banker requires a 20 percent compensating balance, how much must the firm borrow to end up with the $317,000? e-1. what would be the effective interest rate in part d if the interest charge for 55 days were $7,200?