The income statement and balance sheet columns of Pine Company’s worksheet reflects the following totals:
Income Statement Balance Sheet
Dr. Cr. Dr. Cr.
Totals $58,000 $48,000 $34,000 $44,000
Closing entries are necessary for __________.
A. temporary accounts only
B. both permanent and temporary accounts
C. permanent accounts only
D. permanent or real accounts only
Income Statement Balance Sheet
Dr. Cr. Dr. Cr.
Totals $58,000 $48,000 $34,000 $44,000
Closing entries are necessary for __________.
A. temporary accounts only
B. both permanent and temporary accounts
C. permanent accounts only
D. permanent or real accounts only
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