fill in the blank question\nclosing means to transfer account balances from (asset/liability/permanent/tempor…

fill in the blank question\nclosing means to transfer account balances from (asset/liability/permanent/temporary) accounts so that they will start with a (contra/larger/zero) balance at the beginning of the next period.\nneed help? review these concept resources.\nread about the concept

fill in the blank question\nclosing means to transfer account balances from (asset/liability/permanent/temporary) accounts so that they will start with a (contra/larger/zero) balance at the beginning of the next period.\nneed help? review these concept resources.\nread about the concept

Answer

Brief Explanations:

Closing entries in accounting transfer balances from temporary accounts (like revenues, expenses, and dividends) to permanent accounts at the end - of an accounting period. This resets the temporary accounts to a zero balance for the next period.

Answer:

temporary; zero