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Dafna11 [192]
3 years ago
5

Which of the following statements is not correct? Multiple Choice After the reversing entry is posted for the adjustment made to

recognize the salaries expense at the end of the accounting period, the Salaries Expense account will have a zero balance and the Salaries Payable account will have a credit balance. Reversing entries are made to reverse the effect of certain adjustments. Reversing entries provide a way to guard against oversights, eliminate the review of accounting records, and simplify the entry made in the new period. A reversing entry is the exact opposite (the reverse) of the adjustment.
Business
1 answer:
Oksana_A [137]3 years ago
5 0

Answer:

A)After the reversing entry is posted for the adjustment made to recognize the salaries expense at the end of the accounting period, the Salaries Expense account will have a zero balance and the Salaries Payable account will have a credit balance

Explanation:

Reversing entry can be regarded as

a journal entry which is been made during an accounting period, it

reverses selected entries that is been made during immediately preceding period. reversing entry typically take placeat the beginning of particular accounting period.

It should be noted thatReversing entries are;

1) made to reverse the effect of certain adjustments.

2) provide a way to guard against oversights, eliminate the review of accounting records, and simplify the entry made in the new period.

3)is the exact opposite (the reverse) of the adjustment.

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What is the best loan option for a neighborhood Lemonade stand? Why?​
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An expense account normally has a ___________ balance.<br><br> A. Debit<br> B. Credit
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2 years ago
The current sections of Birmingham Inc.’s balance sheets at December 31, 2019 and 2020, are presented here. Birmingham’s net
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Net Income 193,000

Non-monetary terms:

Depreciation expense    25,000

amortization expense       10,000

gain on disposal          <u>     (7,000)   </u>

Adjusted Income            221,000

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Decreasein Inv          17,000

Increase in Prepaid   (5,000)

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Cash Flow           318,000

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