Which of the following are a true statement about closing the books of a company? 1 Expenses are closed to the Total Expense account II Only revenues are closed to the Profit or Loss Summary account III Revenues and expenses are closed to Retained Earnings IV The Dividends Paid account is closed to Retained Earnings V Revenues and expenses are closed to the Profit or Loss Summary account a. 1&IV b. II c. III 8 IV d. IV &V e. V