Journal entries that are needed in order to update account balances for internal business transactions (such as supplies and prepaid rent) at the end of the period are:

A) closing entries.
B) adjusting entries.
C) Balance Sheet entries.
D) adjusting Cash.

Adjusting Entries

At the conclusion of an accounting cycle, entries recorded to distribute earnings and costs to the appropriate period they occurred.

Internal Transactions

Transactions that occur within a company, affecting its financial or operational position without involving an exchange with external entities.

Account Balances

The total amount of money in an account, calculated by adding all credits and subtracting all debits.