Which closing entries reduce the type of accounts to zero

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Reference no: EM132787538

Question 1. Some entities adjust their accounts and close their books only on an annual basis. For these firms,

a. worksheets may be prepared on an interim basis.

b. worksheets are not needed.

C. worksheets are prepared only on an annual basis.

d. worksheets are not prepared.

Question 2. Closing entries reduce the following type of accounts to a zero balance at the end of the period.

a. income and expenses

b. income summary

C. withdrawals

d. all of the above

Question 3. The closing entry for Salaries Expense, with a balance of P240,000 is

a. Salaries Expense 240,000 240,000

Income Summary

b. Salaries Expense 240,000 240,000

Salaries Payable

C. Income Summary 240,000 240,000

Salaries Expense

d. Salaries Payable 240,000 240,000

Salaries Expense

Reference no: EM132787538

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