Presented Below Are Terms or Phrases Preceded by Letters a Through

question 157

Short Answer

Presented below are terms or phrases preceded by letters a through j and followed by a list of definitions 1 through 10. Match the correct definitions with the terms or phrases by placing the letter of the term or phrase in the answer space provided at the beginning of the definition.

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Definitions:

Closing Entries

Journal entries made at the end of an accounting period to transfer temporary accounts' balances to permanent accounts, preparing the books for the next period.

Journalized

The process of recording business transactions in the journal, which is the first step in the accounting cycle.

Posted

In accounting, "posted" refers to the process of recording a financial transaction in a company's ledger, which then becomes part of the official financial records.

Accounting Cycle

A process that involves recording and processing all financial transactions of a company, from when the transaction occurs, to its representation in the financial statements.