A reversing entry Question 5 Not yet answered Marked out of 100 a. Is made when a company sustains a loss in one period and reverses the effect with a profit in the next period. O b. Reverses entries that were made in error O c Is made when a business disposes of an asset it previously purchased. Od. Is the exact opposite of an adjusting entry made in a previous period. Flag question Question 6 After gross profit is calculated, operating expenses are deducted to determine Not yet answered Marked out of 1.00 P Flag question O a Gross profit on sales O b. Net income O c. Gross margin O d. Net margin