What are closing entries? Select one: a. Entries made by a business at the end of an accounting period to create a zero balance in the revenue and expense accounts and to update owner's equity. b. Entries made by a business at the end of an accounting period to close accounts in the balance sheet. c. Both of the options a and b. d. Entries made by a business at the end of an accounting period to create a zero balance in the balance sheet accounts and to update cash account