1. How many closing entries are there? Choose One. 20 points O 3 or 4 Always 4 Always 3 Depends on how many expense accounts there are 2. What is the purpose of closing entries Choose One. 20 points To update Capital To terminate the business To reverse the assets and liabilities To calculate the book value of each account 3. What is the proper sequence of the closing entries Choose One. 20 points O Close revenue, drawing, income, summary, and expenses O Close revenue, expenses, income summary, and drawing O Close income summary, revenue, drawing, and expenses The order is irrelevant 4. What are the temporary accounts Choose One. 20 points Debit ADE OLCR O RED OBLUE 5. The closing entries take place at the end of the period. Choose One. 20 points True False