The Entries That Transfer the Revenue,expense,and Withdrawals Balances to the Owner,Capital

question 142

Multiple Choice

The entries that transfer the revenue,expense,and withdrawals balances to the Owner,Capital account to prepare the company's books for the next period are called ________.

• A)closing entries
• B)opening entries
• C)adjusting entries
• D)temporary accounts

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Definitions:

Administrative Expenses

Expenses related to the general operations of a business, such as salaries of non-sales personnel and office supplies.

Rent Revenue

Money received for rent.

Purchases Discounts

Reductions in price given by suppliers to businesses when they buy goods or services, often provided for early payment.

Freight In

The cost associated with the transportation of goods or materials into a business, typically considered part of the cost of goods sold.