answer below questions

Closing entries are unnecessary if the business plans to continue operating in the future and issue nancial statements each year. * The owner's drawing account is closed to the Income Summary account in order to properly determine net income {or loss) for the period. * After closing entries have been joumalized and posted, all temporary accounts in the ledger should have zero balances. * Closing reyenue and expense accounts to the Income Summary account is an optional bookkeeping procedure. * The owner's drawing account is a permanent account whose balance is carried forward to the next accounting period. 1" To close net income to owner capital, Income Summary is debited and Owner's Capital credited. * In one closing entry, Owner's Drawing is credited and Income Summary is debited. * The post-closing trial balance will contain only owner's equity statement accounts and balance sheet accounts. * O True O False