Question

The entries that transfer the​ revenue, expense, and dividends balances to the Retained Earnings account to prepare the​ company's books for the next period are called​ ________ entries.

Answer 1

Answer:

The correct answer is "Closing entries"

Explanation:

Closing entries, commonly named as closing journal entries, are records produced at the close of an accounting period to transform in 0 "zero" all temporary accounts. Usually is the balance is transferred to permanent accounts. It is used to close the temporary accounts and reset the balance every end of period.