Which of the following types of entries is used to reset the temporary accounts to zero and update the balance in the retained earnings?
A)journal entries
B)adjusting entries
C)closing entries
D)balancing entries

Question

Quizplus · Accepted Answer

Closing entries are used to reset the temporary accounts (such as revenue, expenses, and dividends) to zero and transfer the balances to the retained earnings account. This updates the balance in the retained earnings account to reflect the net income or loss for the period.

Which of the Following Types of Entries Is Used to Reset