A series of journal entries at the end of the accounting period to remove the balances from the temporary accounts so that they can accumulate data for the following accounting period are called:

A) Closing entries
B) Reversing entries
C) Adjusting entries
D) Connecting entries
E) None of the above

Ans: A) Closing entries

Business

You might also like to view...

When the shop steward and supervisor cannot resolve the grievance, then it may be appealed to the next higher level of management and union representative, usually within ________ calendar days

a. seven b. fifteen c. thirty d. forty-two

Business

If parts A, B, and C must be produced this week, a detailed schedule will indicate the sequence of work

Indicate whether the statement is true or false.

Business