A work sheet includes columns forGroup of answer choicesadjusting entriesclosing entriesreversing entriesadjusting and closing entries

The question seems to involve accounting practices related to the preparation of financial statements and the year-end closing process. Here’s a breakdown of the concepts involved:

1. Adjusting Entries: These are journal entries made at the end of an accounting period to allocate income and expenses to the correct period. Adjusting entries are necessary to ensure that the financial statements reflect the true financial position of a business.

2. Closing Entries: These entries are made after the financial statements have been prepared. They transfer the balances in temporary accounts (like revenues and expenses) to permanent accounts (such as retained earnings) to prepare the accounts for the next accounting period.

3. Reversing Entries: These are optional entries made at the beginning of a new accounting period. They reverse adjusting entries made in the previous period that are expected to be paid in the current period. This simplifies the bookkeeping process for the new period, particularly in relation to accrued expenses and revenues.

4. Adjusting and Closing Entries: This combines both adjusting entries and closing entries, highlighting the comprehensive process of ending one accounting period and preparing for the next.

In a worksheet, it’s important to recognize how these entries affect the financial statements together. Proper understanding and application of these concepts are crucial for accurate financial reporting.