Closing entries are made
A)to clear revenue and expense accounts of their balances.
B)to clear withdrawals of its balance.
C)to summarize a period's revenues and expenses.
D)All of these choices.

Question

Quizplus · Accepted Answer

Closing entries serve multiple purposes such as clearing revenue and expense accounts of their balances, clearing withdrawals of its balance, and summarizing a period's revenues and expenses. Therefore, option D is the correct choice.

Closing Entries Are Made