Journal Entries Recorded at the End of Each Accounting Period

question 56

Multiple Choice

Journal entries recorded at the end of each accounting period to prepare the revenue, expense, and withdrawals accounts for the upcoming period and to update the owner's capital account for the events of the period just finished are referred to as:

• A) Adjusting entries.
• B) Closing entries.
• C) Final entries.
• D) Work sheet entries.
• E) Updating entries.

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Definitions:

Advertising Campaign

A series of advertisement messages in various media that share a single idea and theme aimed at promoting a product, service, or cause.

Journal Entries

Financial transaction records written or typed into the journal, detailing the accounts affected and in what way.

Adjusting Entries

Entries made in the accounting journals to adjust income and expense accounts so that they comply with the accrual concept of accounting.

Note Payable

A written promise to pay a certain amount of money on demand or at a fixed or determinable future time.