Closing Entries

question 33

Multiple Choice

Closing entries

• A) need not be journalized since they appear on the worksheet.
• B) need not be posted if the financial statements are prepared from the worksheet.
• C) are not needed if adjusting entries are prepared.
• D) must be journalized and posted.

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Definitions:

Farmer's Lung

An allergic reaction resulting in lung inflammation, caused by inhaling dust from moldy crops or hay.

Liver Disease

A broad term covering any disorder that negatively affects the liver's ability to function properly, ranging from mild to life-threatening conditions.

Serotonin

A neurotransmitter that contributes to feelings of well-being and happiness, playing a key role in regulating mood, sleep, and appetite.

Dopamine

A neurotransmitter involved in reward, motivation, and the regulation of mood and feelings of pleasure.