Indicate Whether Each of the Following Statements Is True or False

question 121

Short Answer

Indicate whether each of the following statements is true or false.
_____ a) In an accrual accounting system, a debit entry to Cash is never accompanied by a credit entry to Revenue.
_____ b) The adjustment for accrued salaries would involve a debit to Salaries Expense and a credit to Salaries Payable.
_____ c) Adjusting entries will always include either a debit to an expense account or a credit to a revenue account.
_____ d) The closing entry for an expense involves a debit to the expense and a credit to Retained Earnings.
_____ e) The closing entry for a revenue involves a debit to the revenue and a credit to Retained Earnings.

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Definitions:

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A film genre focusing on romantic love stories, typically featuring emotional connections, personal conflicts, and an ultimately optimistic resolution.