Which of the following completely and accurately describes closing entries?. A process that happens at year-end that sets the revenue and expense accounts to zero balances and transfers the net income or net loss for the period to the retained earnings account. A process that occurs each day to set the the revenue and expense accounts to zero balances and transfers the net income or net loss for the period to the retained earnings account. A process that occurs at year end to set all accounts (including assets, liabilities, revenue, and expenses) to zero balances and transfers the net income or net loss for the period to the retained earnings account. A process that occurs at the year end to tset he revenue and expense accounts to zero balances and transfers the net income or net loss for the period to the cash account.

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