Before Making Adjusting Entries You Must

question 3

Multiple Choice

Before making adjusting entries you must:

• A)Close permanent accounts
• B)Print the trial balance
• C)Close temporary accounts
• D)Print the balance sheet

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Definitions:

Waived

Means voluntarily giving up a known right, claim, or privilege.

Right to Sue

The legal authority granted to an individual or entity to bring a lawsuit against another party.

Neutral Third Party

An unbiased individual or group engaged to mediate or arbitrate between conflicting parties.

Mediation

A form of alternative dispute resolution where a neutral third party, the mediator, helps disputing parties find a mutually satisfactory solution.