Closing entries are necessary at the end of each period to: Multiple Choice O Ensure that all permanent accounts are closed to zero at the end of each accounting period. O Calculate net income or net loss for an accounting period. O Ensure that management is aware f how well the company is operating. Ensure that Retained Earnings reflects the periods' revenues, expenses, and dividends. Ensure that the company complies with state laws. The closing process resets revenue, expense, and dividends account balances to zero at the end of each period. True or False True False The first five steps in the accounting cycle include analyzing transactions, journalizing, posting, preparing an unadjusted trial balance, and recording adjusting entrie True or False True False All adjusting entries are made at the beginning of an accounting period. True or False True False Journal entries that transfer the end-of-period balances in revenue, expense, and dividends accounts to the permanent Retained Earnings account are known as: Multiple Choice Work sheet entries. O Updating entries. Closing entries. Final entries. Adjusting entries