Journal Entries That Are Needed in Order to Update Account

question 116

Multiple Choice

Journal entries that are needed in order to update account balances for internal business transactions (such as supplies and prepaid rent) at the end of the period are:

• A) closing entries.
• B) adjusting entries.
• C) Balance Sheet entries.
• D) adjusting Cash.

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Definitions:

Preferences

In economics, refers to the subjective tastes and desires of consumers that influence their choices and demands.

Demand

The desire coupled with the purchasing power for specific goods or services in a given economic marketplace.

Income

Money received on a regular basis from work, investments, business, etc., used to fund a person’s living expenses.

Video Tapes

An outdated magnetic tape storage format for recording analog audio and analog video signals, typically used for consumer video recording.