Which of the following describes the purpose(s) of closing entries? - ProProfs Discuss
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Which of the following describes the purpose(s) of closing entries?



A. Adjust the balances of asset and liability accounts for unrecorded activity during the period
B. Transfer the balances of temporary accounts to common stock
C. Reduce the balances of the temporary accounts to 0 to prepare them for measuring activity in the next period
D. Both b and c

This question is part of Exam 1
Asked by Tayhampton, Last updated: Feb 20, 2020

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tayhampton

Tayhampton

Answered Mar 07, 2018

Adjust the balances of asset and liability accounts for unrecorded activity during the period
 

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