Closing entries a.must be journalized and posted b.need not be journalized if adjusting entries are prepared c.need not be posted if the financial statements are prepared from the end-of-period spreadsheet d.are not needed if adjusting entries are prepared

Definition Definition Entries made at the end of every accounting period to precisely replicate the expenses and revenue of the current period. This is also known as end of period adjustment. It can also refer to financial reporting that corrects errors made previously in the accounting period. Every adjustment entry affects at least one real account and one nominal account.