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 Plus MyLab Accounting with Pearson eText -- Access Card Package (4th Edition)

4th Edition

ISBN: 9780134417356

Author: Robert Kemp, Jeffrey Waybright

Publisher: PEARSON

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Chapter 3, Problem 9SC

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Financial Accounting, Student Value Edition Plus MyLab Accounting with Pearson eText -- Access Card Package (4th Edition)

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