Closing entries
A) need not be journalized if adjusting entries are prepared
B) need not be posted if the financial statements are prepared from the end-of-period spreadsheet
C) are not needed if adjusting entries are prepared
D) must be journalized and posted

Question

Quizplus · Accepted Answer

Closing entries must be journalized and posted to transfer the balances of temporary accounts (revenues, expenses, gains, losses) to the retained earnings account and set those temporary accounts to zero for the next accounting period.

Closing Entries