Click to watch the Tell Me More Learning Objective 3 video and then answer the questions below.
1. Which of the following business transactions will require adjustments at the end of the
accounting period?
a. Sale of 10,000 units of goods worth $15,000 in cash.
b. Sale of 5,000 units goods worth $10,000 on credit.
c. Payment of $10,000 for rent expense in advance for the next 24 months.
d. Purchase of 2,000 units of goods worth $4,500 on cash.
2.
are made at the end of an accounting period to record the completed portion of partially
completed transactions.
a. Adjusting entries
b. Closing entries
c. Opening entries
d. Nominal entries