Select the best explanation for the following adjusting, closing, or reversing journal entry: Income summary Operating expense Administrative expense Interest expense $29,000 $17,000 10,000 2,000 A. Closing entry to close the expenses at year end. A reversing entry is required at the beginning of the next accounting period. B. Reversing entry at the beginning of an accounting period to facilitate entries to expense accounts during the period C. Closing entry to close the expenses at year end. No reversing entry is made. D. Adjusting entry for operating expenses, administrative expenses, and interest expenses