What is the purpose of payroll-related accrual and reversal entries on financial statements? (You may select more than one answer. Single click the box with the question mark to produce a check mark for a correct answer and double click the box with the question mark to empty the box for a wrong answer. Any boxes left with a question mark will be automatically graded as incorrect.) S Reversing entries are omitted from financial statements. Accrual entries are used to improve the accuracy of the net income for a period. Accrual entries represent payroll amounts earned but not yet paid. Reversing entries represent disbursement of accrued payroll prior to the end of the payroll period.