Use the Following Journal Entry Display to Answer the Next

question 26

Multiple Choice

Use the following journal entry display to answer the next questions


-Which one of the following allocated amounts is correct from the journal entry above -

• A) wage expense - Administration - $582.40
• B) wage expense - Sales - $349.44
• C) WSIB expense - Administration - $17.53
• D) EHT expense - Sales - $5.49

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Definitions:

Closing Entries

Journal entries made at the end of an accounting period to transfer the balances from temporary accounts to permanent accounts, thereby preparing the accounts for the next accounting period.

Journalized

The process of recording financial transactions in a company's journal, detailing the accounts affected by each transaction.

Adjusting Entries

Are journal entries made at the end of an accounting period to allocate income and expenditure to the period in which they actually occurred, for the purpose of financial reporting accuracy.

Financial Statements

Documents that present an organization's financial activity and current financial condition, including the balance sheet, income statement, and cash flow statement.