Match the following entry descriptions with the accounting entries to which they relate by placing the appropriate letter to the left. A letter may be used more than once.
A. Adjusting entries.
B. Closing entries.
C. All of the entries listed above.
D. None of the entries listed above.
1. May be initially recorded in the general ledger.
2. They must be determined before the financial statements for the period ar prepared.
____ 3. Clears the temporary account balances at the end of the period.
____ 4. Clears the permanent account balances at the end of the period.
____ 5. They affect both temporary and nominal accounts.

Question

Quizplus · Accepted Answer

The Answer of Match the following entry descriptions with the accounting entries to which they relate by placing the appropriate letter to the left. A letter may be used more than once.
A. Adjusting entries.
B. Closing entries.
C. All of the entries listed above.
D. None of the entries listed above.
1. May be initially recorded in the general ledger.
2. They must be determined before the financial statements for the period ar prepared.
____ 3. Clears the temporary account balances at the end of the period.
____ 4. Clears the permanent account balances at the end of the period.
____ 5. They affect both temporary and nominal accounts.

Match the Following Entry Descriptions with the Accounting Entries to Which