Examlex
Match the explanations with the correct abbreviations:
-IgE
Closing Entries
The journal entries made at the end of an accounting period to transfer the balances of temporary accounts to permanent accounts.
Adjusting Entries
Accounting entries recorded at the conclusion of a financial period to properly assign income and expenses to the period they truly relate to.
Closing Entries
Journal entries made at the end of an accounting period to transfer temporary account balances to permanent accounts, thereby preparing the accounts for the next period.
Journalized
Refers to the act of recording financial transactions in the company's journal as part of the accounting process.
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