What is the purpose of the closing process? O To record transactions for the period O To set all account balances to zero To prepare the accounting records so they are ready to track results for the following year O To adjust for accrual and deferral transactions Which of the following is a financing activity? The business receives land and gives a check for $1,000. The business receives $1,000 cash and in exchange gives a promissory note. The business promises to hire an employee on the 15th of the month. O The business orders supplies and promises to pay for them at the end of the month