Question: Select the correct items that match the description. A temporary account used to account for owner withdrawals. Share capitalClosing entriesCorrecting entriesIncome summaryDrawingsReversing entryPermanent accountsWork sheetCurrent

Select the correct items that match the description.

A temporary account used to account for owner withdrawals. Share capitalClosing entriesCorrecting entriesIncome summaryDrawingsReversing entryPermanent accountsWork sheetCurrent assetsNon-current liabilities
Balance sheet accounts whose balances are carried forward to the next period. Closing entriesWork sheetDrawingsCurrent assetsPermanent accountsNon-current liabilitiesReversing entryIncome summaryShare capitalCorrecting entries
A temporary account used to close revenues and expenses. Work sheetCurrent assetsDrawingsPermanent accountsReversing entryCorrecting entriesShare capitalIncome summaryNon-current liabilitiesClosing entries
Entries at the end of an accounting period to transfer the balances of temporary accounts to a permanent owner's equity account. DrawingsWork sheetReversing entryCorrecting entriesNon-current liabilitiesClosing entriesCurrent assetsIncome summaryShare capitalPermanent accounts
Entries to correct errors made in recording transactions. DrawingsCurrent assetsWork sheetNon-current liabilitiesShare capitalClosing entriesPermanent accountsIncome summaryCorrecting entriesReversing entry
Obligations expected to be paid after one year. Current assetsWork sheetDrawingsPermanent accountsIncome summaryReversing entryClosing entriesNon-current liabilitiesCorrecting entriesShare capital
Resources that are expected to be realized in cash, sold, or consumed within one year of the balance sheet. Reversing entryIncome summaryDrawingsCurrent assetsWork sheetClosing entriesNon-current liabilitiesShare capitalPermanent accountsCorrecting entries
An optional tool that facilitates the preparation of financial statements. Permanent accountsShare capitalCurrent assetsClosing entriesWork sheetReversing entryNon-current liabilitiesIncome summaryCorrecting entriesDrawings
The exact opposite of an adjusting entry made in a previous period. Income summaryShare capitalDrawingsPermanent accountsNon-current liabilitiesClosing entriesWork sheetCurrent assetsReversing entryCorrecting entries

Investments by all of the shareholders.

these are the values

drawings

current asset

work sheet

non-current liabilities

share capital

closing entries

permanent account

income summary

correcting entries

reversing entry

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