Which of the following statements about closing entries is correct? Which of the following statements about closing entries is correct? Select one: a. Computerised accounting systems have eliminated the need to close off the income and expense accounts b. The profit or loss summary account is used regularly when processing transactions for sales and expenses O c. Closing entries are only made at the end of the accounting year d. Closing entries are made at the end of each accounting period whatever its length Balance sheet accounts are known as accounts because their balance at the ... Balance sheet accounts are known as accounts because their balance at the end of one accounting period becomes their opening balance at the start of the next period. Select one: a. Carry forward b. Long-term c. Permanent d. Open The end of the financial year for Reynolds Ltd is 31 December. At that date, salaries and wages expenses of $580 000 is closed to the profit and loss summary account. This balance includes $550 000 for salaries and wages paid in cash! during the year and accrued wages at the end of the year of $30 000. Reynolds Ltd records a reversing entry for the accrued wages on 1 January. The first payment to employees for salaries and wages in the new financial year is $35 000. This payment would be recorded as: Select one: a. DR Salaries and wages expense $5 000, CR Bank $5 000 b. DR Salaries and wages expense $35 000, DR Accrued salaries and wages $30 000, CR Bank $65 000 OC. DR Salaries and wages expense $35 000, CR Bank $35 000 d. DR Accrued Salaries and wages $30 000, CR Bank $30 000 Cash distributions authorised by the directors and paid to the owners of a ... Cash distributions authorised by the directors and paid to the owners of a company are called: Select one: a. Accumulated profits b. Bonuses c. Distributions d. Dividends The salaries expense account on the Worksheet shows an opening balance of $15... The salaries expense account on the Worksheet shows an opening balance of $15 000. The Worksheet includes a reversing entry for $1800 for salaries prepaid in the previous year and $1400 for salaries accrued in the current year. The balance of the salaries expense account that will be transferred to the income statement column is: Select one: O a. $18 200 O b. $15 400 c. $11 800 O d. $14 600 Which of the following statements about closing entries is correct? Which of the following statements about closing entries is correct? Select one: a. Computerised accounting systems have eliminated the need to close off the income and expense accounts b. The profit or loss summary account is used regularly when processing transactions for sales and expenses O c. Closing entries are only made at the end of the accounting year d. Closing entries are made at the end of each accounting period whatever its length Balance sheet accounts are known as accounts because their balance at the ... Balance sheet accounts are known as accounts because their balance at the end of one accounting period becomes their opening balance at the start of the next period. Select one: a. Carry forward b. Long-term c. Permanent d. Open The end of the financial year for Reynolds Ltd is 31 December. At that date, salaries and wages expenses of $580 000 is closed to the profit and loss summary account. This balance includes $550 000 for salaries and wages paid in cash! during the year and accrued wages at the end of the year of $30 000. Reynolds Ltd records a reversing entry for the accrued wages on 1 January. The first payment to employees for salaries and wages in the new financial year is $35 000. This payment would be recorded as: Select one: a. DR Salaries and wages expense $5 000, CR Bank $5 000 b. DR Salaries and wages expense $35 000, DR Accrued salaries and wages $30 000, CR Bank $65 000 OC. DR Salaries and wages expense $35 000, CR Bank $35 000 d. DR Accrued Salaries and wages $30 000, CR Bank $30 000 Cash distributions authorised by the directors and paid to the owners of a ... Cash distributions authorised by the directors and paid to the owners of a company are called: Select one: a. Accumulated profits b. Bonuses c. Distributions d. Dividends The salaries expense account on the Worksheet shows an opening balance of $15... The salaries expense account on the Worksheet shows an opening balance of $15 000. The Worksheet includes a reversing entry for $1800 for salaries prepaid in the previous year and $1400 for salaries accrued in the current year. The balance of the salaries expense account that will be transferred to the income statement column is: Select one: O a. $18 200 O b. $15 400 c. $11 800 O d. $14 600
