Asked by Carlos Trejo on May 20, 2024
Verified
Closing entries are dated in the journal as of
A) the date they are actually journalized, although they are generally prepared after the end of the accounting period
B) the last day of the accounting period
C) the first day of the accounting period, although they are actually journalized well after the beginning of the accounting period
D) the first day of the subsequent accounting period
Closing Entries
Journal entries made at the end of an accounting period to transfer balances from temporary accounts to permanent accounts.
Accounting Period
The span of time at the end of which a company calculates its financial performance, typically a quarter or year.
Journalized
The act of recording a transaction in an accounting journal, documenting the financial activities of a business.
- Comprehend the aim and procedure involved in executing closing entries within the accounting cycle.
Verified Answer
PP
Priyanka PatelMay 25, 2024
Final Answer :
B
Explanation :
Closing entries are made at the end of the accounting period in order to prepare the accounts for the next accounting period. Therefore, they are dated as of the last day of the accounting period.
Learning Objectives
- Comprehend the aim and procedure involved in executing closing entries within the accounting cycle.