Q3 A) Explain the need for closing entries and describe the process by which temporary owners' equity accounts are closed at year-end. ((Marks 6 ) B). Which of the following accounts is not closed to the Income Summary account at the end of the accounting period? (More than one answer may be correct.. (Marks 2) a. Rent Expense. b. Accumulated Depreciation. c. Unearned Revenue. d. Supplies Expense. C). Which of the following journal entries is required to close the Income Summary account of a profitable company?. (Marks 2) a. Debit Income Summary, credit Retained Earnings. b. Credit Income Summary, debit Retained Earnings. c. Debit Income Summary, credit Capital Stock. d. Credit Income Summary, debit Capital Stock. TT 111 fa 175