Listed below are a number of accounts.Use the table below to classify each account.Indicate whether it is a temporary or permanent account,whether it is included in the Income Statement or Balance sheet,and if it is closed at the end of the accounting period,and,if so,how it is closed.The first one is done as an example.
Correct Answer:
Verified
Q101: Temporary accounts include all of the following
Q113: Reversing entries:
A) are necessary when journal entries
Q116: Reversing entries:
A) Are optional.
B) Are mandatory.
C) Correct
Q122: Bentley records adjusting entries at its December
Q140: How is a classified balance sheet different
Q141: Explain the purpose of reversing entries.
Q142: How is the current ratio calculated? How
Q145: Explain the difference between temporary and permanent
Q146: What is the purpose of a post-closing
Q150: What is the purpose of closing entries?
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