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Which of the following observations concerning Knickerbocker's theory is true?
Debit Balances
The situation where the total debits in an account exceed the total credits, indicating assets or expenses.
Credit Balances
Balances in financial accounts indicating the amount owed by the account holder, often seen in liability and equity accounts.
Salaries Expense
The total amount paid to employees for services rendered during a specific period, recognized in the accounting period in which the employees performed the services.
Posting Reference
An identifier or code that links journal entries to the relevant accounts in the general ledger, facilitating tracking and auditing.
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