Asked by Benny Csillag on May 02, 2024
Verified
Closing entries are entered directly on to the work sheet.
Closing Entries
Journal entries made at the end of an accounting period to transfer temporary account balances to permanent accounts, thereby resetting the temporary accounts for the next period.
Work Sheet
An informal accounting document used internally to compile information for the financial statements and to support adjustments to those statements.
- Understand the purpose and process of closing entries in accounting.
Verified Answer
FH
fatema hassnMay 03, 2024
Final Answer :
False
Explanation :
Closing entries are made in the general ledger to transfer the balances of temporary accounts to permanent accounts at the end of an accounting period, not directly onto the worksheet.
Learning Objectives
- Understand the purpose and process of closing entries in accounting.