2. Which of the following sequences of actions describes the usual sequence in the accounting cycle? a. Analyze, record, post, adjust, close, prepare b. Record, post, close, prepare, adjust, analyze C. Prepare, record, post, adjust, analyze, close d. Post, close, prepare, adjust, analyze, record 3. Which of the following accounts is not closed during the closing process? a. Commissions Earned b. Owner's Withdrawals C. Income Summary d. Owner's Capital 4. An important purpose of closing entries is to a. set nominal account balances to zero to begin the next period. b. help in preparing financial statements. C. set real account balances to zero to begin the next period. d. adjusts the accounts in the ledger. 5. An important purpose of closing entries is to a. update the nominal accounts at year end. b. transfer net income or loss to Owner's Capital. C. set permanent account balances to zero to begin the next period. d. help achieve the goals of the matching principle. 6. Closing entries will a. decrease the Owner's Capital balance. b. increase the Owner's Capital balance. C. either increase or decrease the Owner's Capital balance. d. not affect the Owner's Capital balance