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 work sheet
C) are not needed if adjusting entries are prepared
D) must be journalized and posted

Question

Quizplus · Accepted Answer

Closing entries are necessary to transfer temporary account balances to permanent accounts and reset the temporary accounts for the next accounting period. Therefore, they must be journalized and posted to ensure that the balances are accurately reflected in the financial statements.

Closing Entries