Which statement best describes the purpose of closing entries: A)To continue recording the effects of transactions which began in one year and will be completed in another year. B)To compute net income or net loss for the year. C)To prepare the books for the posting process and taking a trial balance. D)To eliminate the balances in the revenue and expense accounts so they have zero balances at the beginning of the next fiscal year. E)To eliminate the need for preparing adjusting entries.