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Closing entries A. clear revenue and expense accounts to zero so that these accounts may begin accumulating the components of net income for the next
Closing entries
A. clear revenue and expense accounts to zero so that these accounts may begin accumulating the components of net income for the next accounting period.
B. summarize a periods revenues and expenses by transferring the balances of revenue and expense accounts to the Income Summary account, the balance of which is transferred to the Capital account.
C. Both a and b
D. Neither a nor b
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