One of the purposes of closing entries is to A) close the Retained Earnings account at the end of the period. B) update the Retained Earnings account at the end of the period. Jay C) close all assets, liabilites and stockholders equity accounts at the end of the period. D) be sure all revenues and expenses are recorded in the right time period..

One of the purposes of closing entries is to A) close the Retained Earnings account at the end of the period. B) update the Retained Earnings account at the end of the period. C) close all assets, liabilites and stockholders equity accounts at the end of the period. D) be sure all revenues and expenses are recorded in the right time period