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Dafna11 [192]
2 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]2 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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Rashid [163]
The answer to this question is what we called the low cost strategy. The low cost strategy is a type of pricing strategy where in the company offers a very low price for its products and services in order to produce more goods and service. The price for this strategy is more cheaper than the competitors.
4 0
2 years ago
1. Determine whether a $100,000, 3-month T-Bill selling at $97,645 or a 10%, semi-annual coupon bond selling at par has the grea
stiv31 [10]

The 10% semi-annual coupon bond selling at par has the greater effective annual return than the $100,000, 3-month T-Bill selling at $97,645.

<h3>Data and Calculations:</h3>

T-Bill:

Face value of T-Bill = $100,000

Present value of the T-Bill = $97,645

Effective yield rate = 9.65% ($2,355/$97,645 x 100 x 12/3)

Bond:

Face value of bond =$100,000

Interest = 10% semi-annual

Present value of the bond = $104,761.90

Effective yield rate = 9.80%

Thus, the 10% semi-annual coupon bond selling at par has the greater effective annual return than the $100,000, 3-month T-Bill selling at $97,645.

Learn more about Bonds and T-Bills at brainly.com/question/15394251

4 0
2 years ago
Work Breakdown Structures typically include one or more intermediate levels. Which of the following statements correctly describ
nikklg [1K]

Answer:

c. They generally represent items that need to be created in order to produce the final deliverables.

Explanation:

Work Breakdown Structure (WBS) is a tool that the project manager uses to progressively divide deliverables into smaller pieces. It gives framework that can be used as a basis for further planning activities. They are displayed in an indented outline format.

6 0
3 years ago
On June 20 of the prior year, a company determined that a customer's account receivable was uncollectible and that the account s
fomenos

Answer:

B. No effect on net income; no effect on total assets

Explanation:

When you write off bad debt, the journal entry is:

Dr Allowance for doubtful accounts XYZ

    Cr Accounts receivable XYZ

This actually had no effect on the income statement, since the allowance account is already a contra asset account.

When the write off is reversed because the customer paid the debt, the journal entry is:

Dr Accounts receivable XYZ

    Cr Allowance for doubtful accounts XYZ

Dr Cash XYZ

    Cr Accounts receivable XYZ

Again, since the company is using the allowance method, there is no real effect on the income statement nor total assets in the balance sheet.

5 0
2 years ago
Suppose the country of Altaria only produces one good, pink tutus. Last year, nominal GDP was $50,000 and this year it is $200,0
Helga [31]

Answer:

E. None of the above

Explanation:

because the price level is not known, we can not tell definitely that the output is increased or unemployment is decreased or standard of living is increased .

Therefore, we cannot conclude on anything.

​

3 0
2 years ago
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