Asked by
Agustin Palacios
on Dec 17, 2024
Verified
Which of the following could appear in an adjusting entry, closing entry, and reversing entry?
A) Salary Expense
B) Withdrawals
C) Depreciation Expense, Buildings
D) Cash
Closing Entry
Journal entries made at the end of an accounting period to transfer temporary account balances to permanent accounts, thus preparing the books for the next period.
Reversing Entry
An accounting entry made at the beginning of a period to reverse the effects of certain adjustments made in the previous period.
Salary Expense
The cost incurred by a business to pay its employees.
- Comprehend the rationale and methodology behind making adjustments and closing entries in accounting.
- Gain insight into the mechanism of reversing entries and their implementations.
Verified Answer
HR
Learning Objectives
- Comprehend the rationale and methodology behind making adjustments and closing entries in accounting.
- Gain insight into the mechanism of reversing entries and their implementations.
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