Closing entries:
A)are posted to the general ledger.
B)are done to update Cash.
C)can be done before adjusting entries.
D)are done to update accounts receivable.

Question

Quizplus · Accepted Answer

Closing entries are posted to the general ledger to transfer the balances of the temporary accounts to the retained earnings account. This process reduces the balance of revenue and expense accounts to zero in preparation for the next accounting period.

Closing Entries