Asked by Caryse Janée on May 17, 2024
Verified
Retained Earnings 650
Dividends 650
A)Journal entries
B)Adjusting journal entries
C)Closing journal entries
Closing Journal Entries
Entries made at the end of an accounting period to transfer the balances in temporary accounts to permanent accounts, preparing the books for the next period.
Dividends
Funds distributed to shareholders by a company, typically from its earnings.
Retained Earnings
The portion of a business's profits not distributed to shareholders but reinvested in the business or kept as a reserve.
- Clarify the distinctions between adjusting entries, closing entries, and journal entries.
Verified Answer
KA
Learning Objectives
- Clarify the distinctions between adjusting entries, closing entries, and journal entries.