QUESTION 8 Match the items below. Partial credit is available for this question A. Obligations expected to be paid after one year. An optional tool that makes it easier to prepare the B. financial statements Work sheet Resources that are expected to be realized in cash, Permanent accounts C. sold, or consumed within one year of the balance sheet or the company's operating cycle, whichever is longer Closing entries Entries at the end of an accounting period to transfer Income Summary D. the balances of temporary accounts to a permanent stockholders' equity account Common Stock E. A part of stockholders' equity in a corporation Current assets The average length of time to go from cash to cash in Operating cycle F. producing revenue Long-term liabilities G. A temporary account used in the closing process. Correcting entries Entries to correct errors made in recording transactions Balance sheet accounts whose balances are carried 1 forward to the next period.