Which of the following statements best describes the purpose

Last updated: 2/15/2024

Which of the following statements best describes the purpose of closing entries O To complete the record of various transactions that were started in a prior period O To faciliate posting and taking a trial balance O To determine the amount of net income or net loss for the following period O To reduce the balances of revenue and expense accounts to zero so that they may be used to accumulate the revenues and expenses of the next period