The Primary Purpose of Closing Entries Is To

question 98

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.

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Definitions:

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