3. Match each term related to closing entries with its description. 1. Closing entries 2. Permanent accounts 3. Temporary accounts 4. Post-closing trial balance 5. Adjusted trial balance Match each of the options above to the items below. Revenues, expenses, and dividends. List of permanent accounts and their balances. • Transfer of temporary balances to retained earnings. List of permanent and temporary accounts and their balances. Assets, liabilities, and stockholders ●

3. Match each term related to closing entries with its description. 1. Closing entries 2. Permanent accounts 3. Temporary accounts 4. Post-closing trial balance 5. Adjusted trial balance Match each of the options above to the items below. Revenues, expenses, and dividends. List of permanent accounts and their balances. • Transfer of temporary balances to retained earnings. List of permanent and temporary accounts and their balances. Assets, liabilities, and stockholders ●

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Concept explainers

Bookkeeping

Bookkeeping is the process of recording the financial transactions of a company on a regular basis. With the process of bookkeeping, companies can track important financial information that helps management in making crucial decisions.

Question

3. Match each term related to closing entries with its description.
1. Closing entries
2. Permanent accounts
3. Temporary accounts
4. Post-closing trial balance
5. Adjusted trial balance
Match each of the options above to the items below.
Revenues, expenses, and dividends.
List of permanent accounts and their balances.
• Transfer of temporary balances to retained earnings.
List of permanent and temporary accounts and their balances.
• Assets, liabilities, and stockholders
●

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