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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