Question

Closing entries are not needed if adjusting entries are prepared need not be journalized if adjusting entries are prepared must be journalized and posted need not be posted if the financial statements are prepared from the end-of-period spreadsheet

Answer 1

Answer: Closing entries: " must be journalized and posted ".

Explanation: Closing entries are those registrations that are ALWAYS made at the end of an accounting period because it cancels the balance of all temporary accounts to transfer them to permanent accounts.

Temporary accounts are profit and loss accounts, so the result of the year is determined in this way.