Closing entries are made to: Group of answer choices Transfer the balances of temporary accounts to permanent accounts. Correct errors in the ledger. Adjust the balances of the asset accounts to their market values. Transfer net income (or loss) and dividends to Retained Earnings. Record transactions that have occurred but have not yet been entered into the accounting records.
Closing entries are made to: Group of answer choices Transfer the balances of temporary accounts to permanent accounts. Correct errors in the ledger. Adjust the balances of the asset accounts to their market values. Transfer net income (or loss) and dividends to Retained Earnings. Record transactions that have occurred but have not yet been entered into the accounting records.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Closing entries are made to:
Group of answer choices
Transfer the balances of temporary accounts to
permanent accounts.
Correct errors in the ledger.
Adjust the balances of the asset accounts to their
market values.
Transfer net income (or loss) and dividends to
Retained Earnings.
Record transactions that have occurred but have not
yet been entered into the accounting records.
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