conreer anewer to each question Which of me following permanent account is changed during the olosing process? a share capta ordinary. d. None of the above. 2 Closing entries are made a in order to terminate the business as an operating entity. b so that all assets, liabilities, and equity accounts will have zero balances whenthe next accounting period starts. in order to transfer net income for loss) and dividends to Retained Earnings d so that financial statements can be prepared. 3 Which or the following is a true statement about dosing the books of a corporation? a. Expenses are closed to the Expense Summary account. b. Only revenues are closed to the Income Summary account. c. Revenues and expenses are closed to the Income Summary account. d. Revenues, expenses, and the dividends account are closed to the Inoome Summary account. 4. In preparing closing entries a, each revenue account will be credited. b, each expense account credited. c the retained earnings account will be debited there is net income for the period. if d, the dividends account wil be debited. 5. An error has occurred in the closing entry process if a, revenue and expense accounts have zero balances. b. the retained earnings account is credited for the amount of net income. c. the dividends account is closed to the retained earnings account. d, the Statement of financial position accounts have zero balances