Asked by Regan Mc Mullan on May 09, 2024

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Closing entries are journalized after adjusting entries have been journalized.

Closing Entries

Journal entries made at the end of an accounting period to transfer the balances in temporary accounts to permanent accounts, preparing the books for the next accounting period.

Adjusting Entries

Entries in the books of accounts made during the final part of an accounting cycle to distribute profits and costs to their rightful period.

  • Familiarize yourself with the techniques of implementing adjustments, corrections, and closures in financial entries.
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TE
Teeyahni EdouardMay 11, 2024
Final Answer :
True
Explanation :
Closing entries are made at the end of an accounting period after all adjusting entries have been made. The purpose of closing entries is to reset temporary accounts (revenue, expenses, gains, losses) to zero for the next accounting period.