Closing entries transfer the balances of the permanent accounts to the temporary accounts. Select one: True False
Closing entries transfer the balances of the permanent accounts to the temporary accounts. Select one: True False
Chapter5: Operating Activities: Purchases And Cash Payments
Section: Chapter Questions
Problem 3.19C
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Question
Closing entries transfer the balances of the permanent accounts to the temporary accounts.
Select one:
True
False
Expert Solution
Step 1
The permanent accounts will usually appear in the post-closing trial balance. The temporary account Revenue & Expenses will not appear in the post-closing trial balance |
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