Multiple Choice Question

Choose, the statement below that explains what "closing" means.

Closing means to transfer an expense account's balance to the in$-$

come statement.

Closing means to transfer the balance in an account to an asset ac$-$

count.

Closing means to bring an account balance to zero.

Closing means to adjust an account's balance to its correct amount.

Need help? Review these concept resources.

Read About the Concept