Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. closing entries are prepared for which of the foll

closing entries are prepared for which of the following reasons...??? a) To get the journal ready for...

80.2K

Verified Solution

Question

Accounting

closing entries are prepared for which of thefollowing reasons...???
a) To get the journal ready for the next accounting period
b) To get financial statements ready for next accountingperiod
3) To get the worksheet ready for the next accounting pey
4) To get the accounts ready for the next accounting period

Answer & Explanation Solved by verified expert
3.6 Ratings (252 Votes)
Closing entries are the entries passed for closing the temporary accounts Revenue and Expenses Accounts at the end of the accounting period They are done after the financial    See Answer
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Zin AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

How to calculate the distance between triangles If you have two equilateral triangles and a different...

Basic Math
Q

When coal is burned, the sulfur present in coal is converted to sulfur dioxide (SO2), which...

Chemistry
Q

The John Deer Company is evaluating the replacement of one of its machines. The machine was...

Finance
Q

Develop a simulation model for a three-year financial analysis of total profit based on the following...

Basic Math
Q

One of the primary concepts of biology is natural selection which is based on the...

Biology
Q

Find the derivative of the function f(x) = -4 -4 cos(x).f'(x) = -4x+4 sin(x)f'(x) =...

Calculus
Q

Tafu is working with subatomic particles in the Physics lab A positron is traveling in...

Calculus
Q

Novak Financial Ltd, has completed a fundamental analysis of Splish Energy ine. Splihh Energy is...

Accounting
Q

The terms of sale are best defined as the: Multiple Choice total invoice amount including...

Accounting
Q

Zeui Company's material requirement for 1 year is 20,000 units. Ordering cost for each order...

Accounting
Q

Colcord Enterprises is a mature manufacturing firm. The company just paid a dividend of $14.55,...

Finance
Q

Problem 6-1B (Algo) Calculate ending inventory and cost of goods sold for four inventory methods...

Accounting