Question 31 The purpose of closing entries is to transfer: O Assets and liabilities when operations are discontinued. O Inventory to Cost of Goods Sold when merchandise is sold. O Balances in temporary accounts to a permanent account. Accounts Receivable to Retained Earnings when an account is fully paid. D Question 32 balance and are shown in the Dividends normally carry a O Credit; Balance sheet O Debit; Income statement O Debit; Statement of stockholders' equity O Debit; Balance sheet 3 pts