Which of the following statements best describes the purpose of closing entries? To faciliate posting and taking a trial balance. To reduce the balances of revenue and expense accounts to zero so that they may be used to accumulate the revenues and expenses of the next period. To determine the amount of net income or net loss for the following period. To complete the record of various transactions that were started in a prior period.

Which of the following statements best describes the purpose of closing entries? To faciliate posting and taking a trial balance. To reduce the balances of revenue and expense accounts to zero so that they may be used to accumulate the revenues and expenses of the next period. To determine the amount of net income or net loss for the following period. To complete the record of various transactions that were started in a prior period