Accounting for IGCSE & O level - The Fundamentals Of Accounting (Section 23 - No. 9)

What is the purpose of opening entries in the general journal?

To record all transactions during the accounting period.

To record the initial assets, liabilities, and owner's equity of a business.

To close out temporary accounts at the end of the period.

To correct errors in previous accounting periods.

Opening entries establish the starting balances for a business's accounts.