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