Explanation Closing entries: Closing entries are those journal entries , which are passed to transfer the final balances of temporary accounts such as revenues account, expenses account and dividend account to the retained earnings account. Closing entries produce a zero balance in each temporary account. Justification for the correct answer: a. Date Account Title and Explanation Debit ($) Credit ($) Salaries payable Retained earnings Table (2) Salaries payable is a liability account and it is a permanent account. Permanent accounts are balance sheet accounts which are not closed at the end of the each year and its ending balance from the current year becomes the beginning balance in the next year. Hence, the given entry cannot be a closing entry...

Financial Accounting, Student Value Edition (4th Edition)

4th Edition

ISBN: 9780134114811

Author: Robert Kemp, Jeffrey Waybright

Publisher: PEARSON

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Chapter 3, Problem 9SC

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Identify the entry which is not a closing entry.

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Chapter 3, Problem 8SC

Chapter 3, Problem 10SC

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Financial Accounting, Student Value Edition (4th Edition)

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Ch. 3 - Prob. 1SC Ch. 3 - Adjusting the accounts is the process of a....Ch. 3 - Which of the following terms describes the types...Ch. 3 - Assume the weekly payroll of ASR, Inc., is 4,500....Ch. 3 - Prob. 5SC Ch. 3 - Prob. 6SC Ch. 3 - Prob. 7SC Ch. 3 - What do closing entries accomplish? a. Bring the...Ch. 3 - Prob. 9SC Ch. 3 - Which correctly represents the flow of information...Ch. 3 - Prob. 11SC Ch. 3 - Prob. 12SC Ch. 3 - Prob. 1SE Ch. 3 - Prob. 2SE Ch. 3 - Prob. 3SE Ch. 3 - Adjusting journal entryprepaid rent (Learning...Ch. 3 - Prob. 5SE Ch. 3 - Prob. 6SE Ch. 3 - Prob. 7SE Ch. 3 - Adjusting journal entrysalaries, accrued revenue,...Ch. 3 - Prob. 9SE Ch. 3 - Closing entries (Learning Objective 4) 5-10 min....Ch. 3 - Prob. 11SE Ch. 3 - Prob. 12SE Ch. 3 - Prob. 13SE Ch. 3 - Exercises (Group A) E3-14A. Adjusting journal...Ch. 3 - Adjusting journal entry-prepaid insurance...Ch. 3 - Common adjusting journal entries (Learning...Ch. 3 - Prob. 17AE Ch. 3 - Common adjusting journal entries (Learning...Ch. 3 - Prob. 19AE Ch. 3 - Prob. 20AE Ch. 3 - Prob. 21AE Ch. 3 - Prob. 22AE Ch. 3 - Prob. 23AE Ch. 3 - Prob. 24AE Ch. 3 - Prob. 25AE Ch. 3 - Prob. 26AE Ch. 3 - Prob. 27AE Ch. 3 - Prob. 28BE Ch. 3 - Prob. 29BE Ch. 3 - Prob. 30BE Ch. 3 - Analyzing errors (Learning Objective 2) 10-15 min....Ch. 3 - Common adjusting journal entries (Learning...Ch. 3 - Prob. 33BE Ch. 3 - Prob. 34BE Ch. 3 - Prob. 35BE Ch. 3 - Prob. 36BE Ch. 3 - Prob. 37BE Ch. 3 - Prob. 38BE Ch. 3 - Prob. 39BE Ch. 3 - Prob. 40BE Ch. 3 - Prob. 41BE Ch. 3 - Problems (Group A) Common adjusting journal...Ch. 3 - Prob. 43AP Ch. 3 - Prob. 44AP Ch. 3 - Prob. 45AP Ch. 3 - Prob. 46AP Ch. 3 - Prob. 47AP Ch. 3 - Problems (Group B) Common adjusting journal...Ch. 3 - Prob. 49BP Ch. 3 - Prob. 50BP Ch. 3 - Effects of adjusting journal entries on income...Ch. 3 - Prob. 52BP Ch. 3 - Prob. 53BP Ch. 3 - Prob. 1CE Ch. 3 - Prob. 1CP Ch. 3 - Prob. 1CFSAP Ch. 3 - Prob. 1EIA Ch. 3 - Case 2. Brent Robertson and his banker were...Ch. 3 - Prob. 1FA Ch. 3 - Prob. 1IA Ch. 3 - Prob. 1SBA Ch. 3 - Written Communication You have received a letter...Ch. 3 - Prob. 1COP

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Identify the entry which is not a closing entry.

Solution Summary: The author identifies the entry which is not a closing entry. Option 'a' is the correct answer.

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Identify the entry which is not a closing entry.

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