An adjusting entry was made on year-end December 31 to occuery one of $200 Salaries in January of the following year? 0 Series Expenses entries would be prepared to recorde 3000 part of Salartes Payable C Salones Payable Salaries Expense S es Payable Type here to search 20. Garza Company had sales of $135,000, sales discounts of $2.000, and sales returns of $3,200. Garza Company's net sales equals: $5,200 $135,000 $140,200 $129,800 $133,000 O O Type here to search A merchandiser's classified balance sheet reports merchandise inventory as a current asset. O True O False Type here to search BE a s When closing entries are made: O All permanent accounts are closed but nominal accounts are not closed. O All ledger accounts are closed to start the new accounting period, O All real accounts are closed but nominal accounts are not closed. O All temporary accounts are closed but permanent accounts are not closed. O All balance sheet accounts are closed. Type here to search A classified balance sheet organizes assets and liabilities into important subgroups that provide more information to decision makers. O True O False Type here to search Before an adjusting entry is made to recognize the cost of expired insurance for the period, Prepaid Insurance and Insurance Expense are both overstated. O True O False A Type here to search 42. 7 -GHJKL Sales of $350,000 and net sales of $323,000 could reflect sales discounts of $27,000. O True O False Type here to search