Which of the following statements about the closing process is correct?

A. After closing entries are posted, the only temporary account with a balance is the Dividends account.

B. After closing entries are posted, the balances of the income statement accounts will be zero.

C. Closing entries are recorded at the end of each reporting period which could be monthly, quarterly or annually.

D. Closing entries are made to zero out the balances of the permanent accounts on the balance sheet.