Which of the Following Types of Entries Is Used to Reset

question 58

Multiple Choice

Which of the following types of entries is used to reset the temporary accounts to zero and update the balance in the retained earnings?

• A)journal entries
• B)adjusting entries
• C)closing entries
• D)balancing entries

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Definitions:

Distributing

The process of making goods or services available to consumers, often through various channels.

Economists' Models

Simplified representations of the real world used by economists to predict economic outcomes and explore economic theories.

Technological Advance

The process of developing and applying new technologies and innovations to improve productivity, efficiency, and offerings in various sectors.

Magnitudes

Refers to the sizes, amounts, or extents of different entities or variables in a context, often used in economic analysis.