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anzhelika [568]
3 years ago
8

Journal entries recorded at the end of each accounting period to prepare the revenue, expense, and withdrawals ac0ounts for the

upcoming period and to update the owner's capital account for the events of the period just finished are referred to as
a. Adjusting entries.
b. Closing entries.
c. Final entries.
d. Work sheet entries.
e. Updating entries
Business
1 answer:
makkiz [27]3 years ago
8 0

Answer: Option B

       

Explanation: In simple words, closing entries refers to the journal entries which are made at the end of an accounting period for transferring the temporary account balances into permanent accounts.

These entries are made to close the four accounts for clear depiction of capital at the end of they year, these accounts are income, expenses, income summary and dividend account.

The objective behind making such entries is to clear the temporary accounts balance to zero for the next accounting period.

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As a borrower Increase in interest rate will result in loss because due to variable nature we need to pay more interest and decrease in interest rate will result in profit because due to variable nature we need to pay less interest

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4 years ago
Select the correct answer.
irga5000 [103]
$60, because 4 percent of 300 is 12, and 12*5 years is $60 earned through interest.

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Phoenix [80]

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