Select the statement which best describes the primary purpose of closing entries a. To complete the recording of various transactions which are begun in one period and concluded in a later period b. To determine the amount of net income or net loss for the period c. To reduce the balances of revenue and expense accounts to zero so that they may be used to accumulate the revenues and expenses of the next period d. To facilitate adjusting entries

Question

keubanks1619 keubanks1619

22-05-2021
Business

contestada

Select the statement which best describes the primary purpose of closing entries a. To complete the recording of various transactions which are begun in one period and concluded in a later period b. To determine the amount of net income or net loss for the period c. To reduce the balances of revenue and expense accounts to zero so that they may be used to accumulate the revenues and expenses of the next period d. To facilitate adjusting entries

Respuesta :

Otras preguntas

What is the name of a length that is 100 times larger than a millimeter

Ten times the sum of half a number and 6 is 8

Which of the following is correct assuming that the crash victim not the officer is the person who is bleeding heavily Bleeding heavily, the officer who arrive

What kind of literary technique is used in this quote? "Those days are ill-defined in my memory, running together and combining like a fresh watercolor painting

How does genetic variation and mutation play a role in natural selection?

Consider the function represented by the equation 1/2j+1/4K=3 which shows the equation written in function notation with k as the independent variable

What value of x will make 3x+1=43 true

The polynomial 16x+2 is a

what is the definition of Quartering Act

A construction worker bought several bottles of juice for $3 at the convenience store. She paid for them with a $20 bill.If "J" represents the number of bottles

topeadeniran2 topeadeniran2 · Answer 1 · 2021-05-23T20:30:18+02:00

Answer: c. To reduce the balances of revenue and expense accounts to zero so that they may be used to accumulate the revenues and expenses of the next period.

Explanation:

Closing entries are the journal entries that are made at the end of an accounting period in order to be able to transfer temporary accounts to the permanent accounts.

The primary purpose of closing entries is to reduce the balances of revenue and expense accounts to zero so that they may be used to accumulate the revenues and expenses of the next period.

Therefore, the correct option is C.