Reference no: EM133007120

Problem 1: The closing entry for Salaries Expense,with a balance of P240,000 is

a. Salaries Expense. 240,000

Income Summary. 240,000

b. Salaries Expense. 240,000

Salaries Payable. 240,000

c. Income Summary. 240,000

Salaries Expense. 240,000

d. Salaries Payable. 240,000

Salaries Expense. 240,000

Problem 2: The purpose of the post-closing trial balance is to

a. provide the account balances for the preparation of the balance sheet.

b. ensure that the ledger is in balance for completion of the worksheet.

c. aid the journalizing and posting of the closing entries.

d. ensure that the ledger is in balance for the start of the next period.