Closing entries space made a) in stimulate to terminate the company as an operation entity. B) so the financial statements can be prepared.c) so that all assets, liabilities, and also stockholders" equity accounts will have actually zero balances as soon as the next accounting duration starts.d) in order to transport net earnings (or loss) and also dividends come the retained income account.

You are watching: The final closing entry to be journalized is typically the entry that closes the


The income an introduction accounta) shows up on the balance sheet. B) shows up on the revenue statement. C) is a permanent account.d) is a short-lived account.
Closing entries space journalized and also posted a) in ~ management"s discretion. B) prior to the jae won statements space prepared. C) at the end of each interim accounting period.d) after the financial statements are prepared.
Closing entries a) summarize the task in every account. B) room prepared before the financial statements. C) minimize the variety of permanent accounts.d) reason the revenue and expense accounts to have actually zero balances.
The closeup of the door entry process consists of closeup of the door a) all asset and liability accounts. B) the end the retained income account. C) all irreversible accounts.d) all short-term accounts.
The final closing entry to it is in journalized is frequently the entry that closes the a) price accounts.b) retained income account.c) dividends account. D) revenue accounts.
The balance in the income review account before it is closed will certainly be same toa) the net revenue or loss on the income statement. B) the beginning balance in the retained earnings account.c) zero. D) the finishing balance in the retained income account.

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The final step in the accounting cycle is to prepare a) financial statements. B) adjusting entries.c) a post-closing attempt balance. D) closeup of the door entries.
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