Which of the following statements best describes the purpose of closing entries? Oa. 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. O b. To complete the record of various transactions that were started in a prior period. Oc. To facilitate the preparation of a trial balance. Od. To determine the amount of net income or net loss for the following period An adjusting entry to record an accrued expense involves a debit to alan) O a expense account and a credit to Cash Ob. expense account and a credit to a liability account. OG expense account and a credit to a prepaid account. Od liability account and a credit to an expense account.