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Q: When prepaid expense items are initially recorded as assets, the end-of-period adjustments for these items should be reversed. (Points : 5) True False
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User: When prepaid expense items are initially recorded as assets, the end-of-period adjustments for these items should be reversed. (Points : 5) True False

User: The income summary account is a permanent account. (Points : 5) True False

User: Prepaid expenses appear in the (Points : 5) Operating Expenses section of the income statement. Other Expenses section of the income statement. Current Assets section of the balance sheet. Current Liabilities section of the balance sheet.

User: Which of the following accounts is not closed? (Points : 5) Income Summary Rent Expense Sales Merchandise Inventory

Question
Asked 4/3/2012 10:25:20 PM
Updated 6/10/2016 12:59:13 PM
4 Answers/Comments
Flagged by emdjay23 [6/10/2016 12:58:53 PM]
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3
When prepaid expense items are initially recorded as assets, the end-of-period adjustments for these items should be reversed. TRUE.



Added 6/10/2016 12:58:49 PM
3
The income summary account is a permanent account. FALSE.

Added 6/10/2016 12:59:01 PM
3
Prepaid expenses appear in the current Assets section of the balance sheet.


Added 6/10/2016 12:59:09 PM
3
Merchandise Inventory is not closed.
Added 6/10/2016 12:59:13 PM
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