____________________ Are the Journal Entries Made at the End of the Accounting

question 91

Short Answer

____________________ are the journal entries made at the end of the accounting period to return the balance in all temporary accounts to zero.

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Definitions:

Service Firms

Companies that provide intangible products or services to customers, rather than physical goods.

Predetermined Overhead Rate

An estimated charge per unit of activity used to allocate manufacturing overhead costs to products or job orders, based on a set formula.

Machine Hours

A unit of measure representing the operational time of a machine, used in allocating costs based on how long machines are used in the production process.

Overhead

The indirect costs or expenses related to the operation of a business that are not directly tied to a specific product or service.