All of the following regarding reversing entries are true except:
A) Reversing entries are optional.
B) Reversing entries are recorded in response to accrued assets and accrued liabilities that were created by adjusting entries at the end of the previous accounting period.
C) Reversing entries are used to simplify a company's recordkeeping.
D) Reversing entries are dated the first day of the new accounting period.
E) Reversing entries should not be the exact opposite of previous period adjusting entries.
Correct Answer:
Verified
Q41: At the beginning of the year,Sigma Company's
Q42: The Income Summary account is used to:
A)Adjust
Q43: Reversing entries:
A)Are necessary when journal entries have
Q44: The following information is available for the
Q45: Which of the following accounts showing a
Q47: The trial balance prepared after all closing
Q48: Jen Rogers withdrew a total of $35,000
Q49: A company's ledger accounts and their end-of-period
Q51: Which of the following statements is true?
A)Owner's
Q116: Reversing entries:
A) Are optional.
B) Are mandatory.
C) Correct
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents