Question Completion Status: QUESTION 9 Journal entries recorded at the end of each accounting period to prepare the revenue, expense, and withdrawals accounts for the upcoming period and to update the owner's capital account for the events of the period just finished are referred to as: Adjusting entries. Updating entries. Work sheet entries. Closing entries. OFinal entries QUESTION 5 The time period assumption assumes that an organization's activities can be divided into specific time periods such as months, quarters or years. OTrue False QUESTION 11 5 p Reversing entries: Will often result temporarily in abnormal account balances in some accounts. Must be made before preparing the post-closing trial balance. Are required only if the company uses accounting software to record journal entries Are necessary when journal entries have been incorrectly recorded. Are a required step in the accounting cycle. 5 pol QUESTION 12