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Business
Accounting
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.

FINANCIAL ACCOUNTING
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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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.
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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