Journal entries that are needed in order to update account balances for internal business transactions (such as supplies and prepaid rent)at the end of the period are:
A)closing entries.
B)adjusting entries.
C)sales entries.
D)adjusting Cash.

Question

Quizplus · Accepted Answer

Adjusting entries are necessary to update the account balances for internal business transactions such as supplies and prepaid rent. Closing entries are used to close out revenue and expense accounts at the end of the period, while sales entries are used to record sales transactions. Adjusting cash is not a necessary step for updating account balances for these types of transactions.

Journal Entries That Are Needed in Order to Update Account