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How closing entries are made

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Question 1: Closing entries are made

Option a. in order to terminate the business as an operating entity.

Option b. so that all assets, liabilities, and owner's capital accounts will have zero balances when the next accounting period starts.

Option c. in order to transfer net income (or loss) and owner's drawings to the owner's capital account.

Option d. so that financial statements can be prepared.

Reference no: EM132577952

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