Asked by Jacob Liscinsky on Jun 27, 2024
Verified
An end-of-period spreadsheet includes columns for
A) adjusting entries
B) closing entries
C) reversing entries
D) adjusting and closing entries
Adjusting Entries
Journal entries made at the end of an accounting period to update accounts for accuracies in preparation for financial reporting.
Closing Entries
Journal entries made at the end of an accounting period to transfer balances from temporary accounts to permanent ones.
End-Of-Period Spreadsheet
A document used in accounting to compile all balance sheet and income statement accounts at the end of a reporting period.
- Understand the elements and significance of a closing-period spreadsheet.
Verified Answer
JR
Jonah RuskinJun 28, 2024
Final Answer :
A
Explanation :
An end-of-period spreadsheet includes columns for adjusting entries, which are made to update the accounts before preparing the financial statements. Closing entries are not included in the end-of-period spreadsheet; they are made after the financial statements are prepared to reset the balances of temporary accounts for the next period. Reversing entries are optional and typically made at the beginning of the next period, not included in the end-of-period spreadsheet.
Learning Objectives
- Understand the elements and significance of a closing-period spreadsheet.