Chapter 3

The entries that transfer the balances of all temporary accounts to retained earnings are referred to as...

Closing Entries

The adjusted trial balance provides account balances reported in which financial statements?

statement of stockholders' equity income statement balance sheet

The post-closing trial balance helps to verify that...

we prepared and posted closing entries correctly the accounts are ready for next period's transactions

The post-closing trial balance checks that total ___ equal total ___at the end of the period.

Debits, Credits

The statement of stockholders' equity includes these amounts:

Dividends, ending balance of retained earnings, net income

Which of the following would typically be the first long-term asset category reported on a classified balance sheet?

Long-term Investments

What is the difference between a temporary and a current account?

Only temporary accounts are cleared out at the end of the accounting period