Answer:
B. Must be journalized and posted
Explanation:
Closing entries is a term that describes journal entries made to transfer temporary account to permanent account, it is prepared at the end of each accounting period.
In other words, it is defined as temporary accounts, which is prepared before the financial statement.
Example of closing entries includes:
1. Revenue
2. Expenses
3. Dividends paid accounts
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Answer:
Textile industry
Explanation:
They were the first to industrialize.
