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 end-of-period spreadsheet
C) are not needed if adjusting entries are prepared
D) must be journalized and posted

Closing Entries

Journal entries made at the end of an accounting period to transfer temporary accounts’ balances to permanent ones, resetting the temporary accounts for the next period.

Journalized

The process of recording transactions in a company's journal, marking the first step in the accounting process.

End-Of-Period Spreadsheet

A financial statement prepared at the conclusion of an accounting period, summarizing the income, expenses, and adjustments to accounts.