To which of the following accounts should the balance in the Income Summary account be closed?

Group of answer choices

Owner, Withdrawals

Net Income

Owner, Capital

A reversing entry is ________.

Group of answer choices

a journal entry used to close the temporary accounts after preparation of financial statements

a special journal entry used to make the adjustments that took place after preparing the trial balance

a special journal entry that eases the burden of accounting for transactions in the next period

a journal entry prepared at the end of an accounting period to match assets with liabilities..