Multiple choice

Journal entries used to prepare temporary accounts for a new fiscal period

  1. Adjusting Entries

  2. dividends

  3. Closing entries

  4. Pac-Man

Reveal answer Fill a bubble to check yourself
C Correct answer
Explanation

Closing entries are journal entries made at the end of an accounting period to transfer balances from temporary accounts (like revenue and expenses) to permanent accounts (like retained earnings).