12.3 Learning Objective 12-3
1) Which of the following could appear in an adjusting entry, closing entry, and reversing entry?
A) Salary Expense
C) Depreciation Expense, Buildings
2) Reversing entries occur at the beginning of the accounting period and:
A) help to reduce potential errors.
B) simplify the bookkeeping associated with accruals from the prior period.
C) reverse the adjusting entries.
D) All of the above are correct.
3) Which of the following could be recorded as a reversing entry?
A) Depreciation of building
B) Accrual of interest expense
C) Allocation of prepaid rent in the current period
4) Which of the following adjustments may be reversed?
A) The adjustment to Record Depreciation Expense
B) The adjustment to Allocate Prepaid Insurance to the current period
C) The adjustment to Accrue Salaries Payable
D) The adjustment for Petty Cash replenishment
5) The reversing entry for Salaries is:
A) debit Salaries Expense; credit Salaries Payable.
B) debit Salaries Payable; credit Income Summary.
C) debit Salaries Payable; credit Salaries Expense.
D) debit Salaries Expense; credit Accounts Payable.
6) Reversing entries are done when assets or liabilities are increasing and have no previous balance.
7) Reversing entries are the opposite of closing entries.
8) Not all adjusting entries can be reversed.
9) Reversing entries are recorded on the third day of the new accounting period.
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