Asked by Maria Puisseau on Apr 29, 2024
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Closing entries are entered directly on the end-of-period spreadsheet.
End-of-period Spreadsheet
A financial report or document summarizing the accounting data and transactions at the close of an accounting period, often used for preparing financial statements.
Closing Entries
Closing entries are journal entries made at the end of an accounting period to transfer temporary account balances to permanent accounts, clearing the temporary accounts for the next period.
- Describe the role of an end-of-period spreadsheet in the accounting process.
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Learning Objectives
- Describe the role of an end-of-period spreadsheet in the accounting process.
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