Question 39 2.5 pts

Reversing entries occur at the beginning of the accounting period and:

All of the above are correct.

simplify the bookkeeping associated with accruals from the prior period.

reverse the adjusting entries.

help to reduce potential errors.

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Question 40 2.5 pts

Which of the following could be recorded as a reversing entry?

Allocation of prepaid rent in the current period

Depreciation of building

Cash

Accrual of interest expense