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 transfer the balances of the permanent accounts to the temporary accounts.   Select one: True False

The T-account is used to summarize which of thefollowing?a. Increases and decreases to a single account in theaccounting system.b. Debits and credits to a single account in the accountingsystem.c. Changes in specific account balances over a timeperiod.d. All of the above describe how T-accounts are used byaccountants.

What is keying? Im O Sorting account balances from the adjusted trial balance to their proper financial state O Adding initials to each work sheet column total to indicate that a verification took place O Adding an identifying letter to link the debit and the credit of an adjustment in the Adju O Totaling the two columns of the Adjusted Trial Balance to verify that debits equal credit