The Primary Purpose of Closing Entries Is To

question 112

Multiple Choice

The primary purpose of closing entries is to:

• A)Prove the equality of the debit and credit entries in the general journal.
• B)Ensure that all assets and liabilities are recognized in the appropriate period.
• C)Update the balance of Retained Earnings and prepare revenue,expense,and dividend accounts for next period's transactions.
• D)Assure that adjusting entries balance.

---

Definitions:

β-Carotene

A red-orange pigment found in plants and fruits, and a critical precursor of vitamin A in the human diet.

Isoprene

A common organic compound with the formula C5H8, used as a monomer in the production of natural and synthetic rubbers.

Steroids

A class of lipophilic compounds characterized by a core structure of four fused carbon rings, varying by the functional groups attached and serving in various biological roles.

Sesquiterpene

A class of terpenes that consist of three isoprene units and have the molecular formula C15H24.