Closing entries: Closing entries are those journal entries which are passed to transfer the balances of temporary accounts to the permanent accounts. These are passed at the end of the accounting period, to transfer the final balance. To Journalize: Closing entries for Sales revenue account and Cost of Goods Sold.

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Chapter 5, Problem 13Q

To determine

Closing entries: Closing entries are those journal entries which are passed to transfer the balances of temporary accounts to the permanent accounts. These are passed at the end of the accounting period, to transfer the final balance.

To Journalize: Closing entries for Sales revenue account and Cost of Goods Sold.

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