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At the end of each accounting period, a company closes the books. The balances in some accounts are left as they are and continue unchanged

At the end of each accounting period, a company closes the books. The balances in some accounts are left as they are and continue unchanged into the next accounting year. The balances of other accounts are set at zero.

Which one of these items is closed to a zero balance at the end of each accounting period?

Loans payable

Retained earnings

Accounts receivable

Cash

Cost of goods sold

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