closing entries - select answer from the options below. a cause the revenue and expense accounts to have…
closing entries - select answer from the options below. a cause the revenue and expense accounts to have zero balances. b summarize the activity in every account. c are prepared before the financial statements. d reduce the number of permanent accounts.
Answer
Brief Explanations:
Closing entries transfer the balances of revenue and expense accounts (temporary accounts) to the retained - earnings account at the end of an accounting period, resulting in zero balances for revenue and expense accounts.
Answer:
A. cause the revenue and expense accounts to have zero balances.