The primary purpose of closing entries is to:
A) Prove the equality of the debit and credit entries in the general journal.
B) Ensure that all assets and liabilities are recognized in the appropriate period.
C) Update the balance of Retained Earnings and prepare revenue,expense,and dividend accounts for next period's transactions.
D) Assure that adjusting entries balance.
Correct Answer:
Verified
Q51: Consider the following items:
Land
Accounts Receivable
Notes Payable (due
Q52: The closing entry for expenses includes:
A)A debit
Q53: On April 1,a $4,800 premium on a
Q54: An adjusted trial balance:
A)Is a list of
Q55: During the year,Cheng Company paid salaries of
Q57: At the beginning of December,Global Corporation had
Q58: Adjusting entries:
A)Often include the Cash account.
B)Usually are
Q59: The following table contains financial information
Q60: The following financial information is from
Q61: Temporary accounts would not include:
A)Salaries Payable.
B)Advertising Expense.
C)Supplies
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