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.
Frequently Asked Questions
What scientific concept do you need to know in order to solve this problem?
Our tutors have indicated that to solve this problem you will need to apply the Closing Entries concept. You can view video lessons to learn Closing Entries. Or if you need more Closing Entries practice, you can also practice Closing Entries practice problems.
What is the difficulty of this problem?
Our tutors rated the difficulty ofThe purpose of closing entries is to transfer: A) Accounts ...as low difficulty.
What professor is this problem relevant for?
Based on our data, we think this problem is relevant for Professor Smith's class at OSU.