Closing Entries Video Lessons

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Problem: The purpose of closing entries is to transfer: A) Accounts receivable to retained earnings when an account is fully paid. B) Balances in temporary accounts to a permanent account. C) Inventory to cost of goods sold when merchandise is sold. D) Assets and liabilities when operations are discontinued.

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Problem Details

The purpose of closing entries is to transfer:

A) Accounts receivable to retained earnings when an account is fully paid.

B) Balances in temporary accounts to a permanent account.

C) Inventory to cost of goods sold when merchandise is sold.

D) Assets and liabilities when operations are discontinued.

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