Question 1

journal entries used to prepare temporary accounts for a new fiscal periodA

Accepted Answer

closing entries

Question 2

used to accumulate and summarize the revenue and expenses for the period

Accepted Answer

income summary

Question 3

a journal entry with two or more debits or two or more credits.

Accepted Answer

compound entry

Question 4

is prepared to make sure total debits equal total credits after the closing entries are posted

Accepted Answer

post-closing trial balance

Question 5

in the same way

Accepted Answer

similarly

Question 6

procedure

Accepted Answer

procedure a method or way of doing something

Question 7

requirement

Accepted Answer

something that is necessary

Question 8

what is the eighth step in the accounting cycle

Accepted Answer

journalizing the closing entries

Question 9

what is the ninth step in the accounting cycle

Accepted Answer

prepare a post-closing trial balance

Question 10

which accounts are temporary

Accepted Answer

revenue, expenses, and withdrawals

Question 11

closing the income summary is which step

Accepted Answer

3rd

Question 12

closing the revenue account is which step

Accepted Answer

1st

Question 13

closing the expenses account is which step

Accepted Answer

2nd

Question 14

closing the withdrawals account is which step

Accepted Answer

4th

Question 15

Debits must equal _______ when completing the trial balance

Accepted Answer

Credits

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