5 pts Question 3 Which of the following statements best describes the purpose of closing entries? 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. To update the retained Earnings account for net income or loss for the period. O More than one of these are correct To complete the record of various transactions that were started in a prior period. To determine the amount of net income or net loss for the following period