TB MC Qu. 6.42 (Static) Anderson Company had the following account... Anderson Company had the following account balances at the end of the most recent fiscal year: Cash: $4,300, Accounts Receivable: $1,200, Supplies: $200, Accounts Payable: $700. P. Anderson, Capital: $2,900, P. Anderson, Drawing $300, Fees Income: $4,900, Rent Expense: $1,300. Advertising Expense: $1,000, Supplies Expense; $200. Assuming that these were the only accounts used by Anderson Company during the year, for which of the following steps in the closing process would a compound entry be nocessary? Multicle Choice Step to Transfer Revenue Account Balances Step 2: Transfer Expense Account Balances Step 3 Transter Net income or Net Loss to Owners Equity Step 4 Transter the Drawing Account Balance to Copital