Which of the following statements is not correct?

Multiple Choice

• Reversing entries are made to reverse the effect of certain adjustments.

• Reversing entries provide a way to guard against oversights, eliminate the review of accounting records, and simplify the entry made in the new period.

• A reversing entry is the exact opposite (the reverse) of the adjustment.

• After the reversing entry is posted for the adjustment made to recognize the salaries expense at the end of the accounting period, the Salaries Expense account will have a zero balance and the Salaries Payable account will have a credit balance.