Journal Entries That Are Needed in Order to Update Account

question 69

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)sales entries.
• D)None of the above are correct.

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Definitions:

Rods

Retinal receptors that detect black, white, and gray, and are sensitive to movement; necessary for peripheral and twilight vision, when cones don’t respond.

Cones

Photoreceptor cells in the retina of the eye responsible for color vision and high spatial acuity under bright light conditions.

Myopia

A common vision condition also known as nearsightedness, where distant objects appear blurred while close objects can be seen clearly.

Accommodation

In psychology, the process of adjusting one's schemas and perceptions to incorporate new information.