Closing the temporary accounts at the end of each accounting period does not do which of the following? Multiple Choice Transfer the effects of temporary accounts to the retained earnings account on the balance sheet. Prepares the dividends account for use in the next period. Brings the revenue and expense accounts to zero balances Has no effect on the retained earnings account. Causes retained earnings to reflect increases from revenues and decreases from expenses and dividends. Which of the following statements is incorrect. Multiple Choice An unadjusted trial balance is a list of accounts and balances prepared before adjustments are recorded. An adjusted trial balance is a list of accounts and balances prepared after adjusting entries have been recorded and posted to the ledger Each trial balance amount is used in preparing the financial statements. Financial statements can be prepared directly from information in the unadjusted trial balance. Financial statements can be prepared directly from information in the adjusted trial balance