Question

multiple choice question
the entries that transfer the balances of all temporary accounts to retained earnings are referred to as
o post - closing entries
o external entries
o closing entries
o adjusting entries

Explanation:

Closing entries transfer the balances of temporary accounts (like revenues, expenses, and dividends) to the retained - earnings account at the end of an accounting period. Post - closing entries are made after closing entries to prepare for the next accounting period. External entries are not related to this transfer. Adjusting entries are made to update accounts for accruals and deferrals, not for transferring temporary account balances to retained earnings.

Answer:

C. closing entries