The income statement and balance sheet columns - 2728

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Request Description

The income statement and balance sheet columns of Pine Company's worksheet reflects the following totals:

Income Statement  Balance Sheet

Dr. Cr.  Dr. Cr.

Totals  $58,000 $48,000  $34,000 $44,000

Closing entries are necessary for __________.

A.  temporary accounts only

B.  both permanent and temporary accounts

C.  permanent accounts only

D.  permanent or real accounts only

Solution Description

The income statement and balance sheet columns of Pine Company's worksheet reflects the following totals: