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Describes the purpose of closing entries

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Reference no: EM132618042

Problem 1: Which of the following statements best describes the purpose of closing entries?

Select one:

Option a. To facilitate posting and taking a trial balance.

Option b. To determine the amount of net income or net loss for the period.

Option c. To complete the record of various transactions that were started in a prior period.

Option d. To reduce the balances of temporary accounts to zero.

Reference no: EM132618042

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