Reference no: EM132813862
Problem 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.
Problem 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
Problem 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
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