Where do temporary account balances go at the end of an accounting period?

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asked Dec 10, 2022 132k views

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Pleluron · Answer 1 · 2022-12-14T04:24:43+0000

Answer:

Temporary – revenues, expenses, dividends (or withdrawals) account. These account balances do not roll over into the next period after closing. The closing process reduces revenue, expense, and dividends account balances (temporary accounts) to zero so they are ready to receive data for the next accounting period.

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Where do temporary account balances go at the end of an accounting period?

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