What kind of entries are made on the first day of the next financial year to ... What kind of entries are made on the first day of the next financial year to undo the effects of certain adjusting entries Select one: O a. Adjusting entries b. Journal entries c. Reversing entries d. Closing entries Cash (settlement) discounts are primarily issued to: Cash (settlement) discounts are primarily issued to: Select one: O a. Provide discounts to customers who purchase goods in bulk quantities O b. Encourage customers to purchase goods on CR O c. Encourage customers to pay their account early O d. Encourage customers to pay for purchases in cash The primary basis for classifying assets and liabilities in the balance sheet... The primary basis for classifying assets and liabilities in the balance sheet is: Select one: O a. Cost O b. Profitability c. Age d. Liquidity O Penelope Company's employees carry out work to the value of $8 400. They are ... Penelope Company's employees carry out work to the value of $8 400. They are paid $6 000 immediately with the balance to be settled in the next accounting period. Under the accrual method of accounting, the amount of wages expense that will be recorded in the current period is: Select one: a. $6000 b. Nil c. $8 400 od. $2 400 Income and expense accounts can be referred to as: Income and expense accounts can be referred to as: Select one: a. Permanent accounts b. Profit accounts O c. Temporary accounts O d. Normal accounts