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Q: Which of the following groups of accounts will have zero balances after the closing process is completed?5 (Points : 5) Allowance for Doubtful Accounts and Uncollectible Accounts Expense
Purchases and Purchases Returns and Allowances Merchandise Inventory and Sales Depreciation Expense and Accumulated Depreciation - Equipment
A: The answer is "Purchases and Purchases Returns and Allowances"
bongche|Points 3255|
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Asked 10/3/2012 5:16:09 PM
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1. In the general journal, reversing entries are dated as of
Weegy: The process of reversing entries will back out certain accrual entries from the previous period. The company records the original entry in one period and reverses it the next period. [ The accrual entries that need reversing consist of those entries that affect automated processes, such as payroll or invoicing. ] (More)
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Expert Answered
Updated 3/4/2015 8:44:49 AM
1 Answer/Comment
In the general journal, reversing entries are dated as of the first date of the accounting period.
Added 3/4/2015 8:44:48 AM
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