Match the following terms with the appropriate definition.
-Entries recorded at the end of each accounting period to transfer end-of-period balances in
revenue,expense,and dividends accounts to the permanent retained earnings account.
A)Stockholders' equity
B)Unclassified balance sheet
C)Long-term investments
D)Current liabilities
E)Closing entries
F)Current ratio
G)Plant assets
H)Current assets
I)Intangible assets
J)Classified balance sheet

Question

Quizplus · Accepted Answer

Closing entries are made at the end of an accounting period to transfer the balances of temporary accounts (like revenue, expenses, and dividends) to a permanent account (retained earnings), preparing the accounts for the next period.

Match the Following Terms with the Appropriate Definition