Closing entries a. need not be journalized if adjusting entries are prepared b. must be journalized and posted c. are not needed if adjusting entries are prepared d. need not be posted if the financial statements are prepared from the work sheet

B. Must be journalized and posted

Explanation:

Closing entries is a term that describes journal entries made to transfer temporary account to permanent account, it is prepared at the end of each accounting period.

In other words, it is defined as temporary accounts, which is prepared before the financial statement.

Example of closing entries includes:

1. Revenue

2. Expenses

3. Dividends paid accounts