Streamlining information encompasses all of the information contained within a single business process or unit of work, and its primary purpose is to support the performing of daily operational or structured decisions.

Sloan Company receives a $3,000, 3-month, 6% promissory note from Day Company in settlement of an open accounts receivable. What entry will Sloan Company make upon receiving the note?

a. Notes Receivable 3,045 Accounts Receivable—Day Company 3,045 b. Notes Receivable 3,045 Accounts Receivable—Day Company 3,000 Interest Revenue 45 c. Notes Receivable 3,000 Interest Receivable 45 Accounts Receivable—Day Company 3,000 Interest Revenue 45 d. Notes Receivable 3,000 Accounts Receivable—Day Company 3,000

Closing entries are journalized and posted ________

A) throughout the accounting period B) before posting the adjusting entries C) after preparing the post-closing trial balance D) after preparing the financial statements