Instructions: Identify the Following

question 17

Short Answer

Instructions: Identify the following. Be as specific as possible, and include names, dates, and relevant facts as appropriate. Be sure to explain the significance of the person or term.
Eli Whitney

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Definitions:

Pre-closing Trial Balance

A listing of all active ledger accounts and their balances after adjusting entries are made but before closing entries, to verify the equality of debits and credits.

Closing Entries

Closing entries are journal entries made at the end of an accounting period to transfer temporary account balances to permanent accounts and prepare the company's books for the next period.

Dividends Account

An account used in bookkeeping that tracks dividends declared by a company to be paid out to its shareholders.

Temporary Account

An account used to collect balances over an accounting period that are then transferred to a permanent account.