Asked by Julia Holsten on May 17, 2024
Verified
Journalizing and posting the adjustments and closing entries updates the ledger for the new accounting period.
Journalizing
The process of recording a transaction in a journal.
Adjustments
Corrections made to financial records and accounts to accurately reflect income and expenses for a period.
Ledger
A comprehensive record of a company's financial transactions, organized by account, used to compile financial statements.
- Acquire knowledge on the sequence of actions necessary for the creation of adjusted trial balances, financial statements, and the closure procedure.
Verified Answer
MP
Milshenna PeoplesMay 19, 2024
Final Answer :
True
Explanation :
Journalizing and posting the adjustments and closing entries is the final step in the accounting cycle and updates the ledger for the new accounting period.
Learning Objectives
- Acquire knowledge on the sequence of actions necessary for the creation of adjusted trial balances, financial statements, and the closure procedure.
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