The goal of closing entries is
A) to clear revenue and expense accounts.
B) to update the Capital account balance.
C) to clear the Withdrawal account.
D) All of these answers are correct.

Question

Quizplus · Accepted Answer

Closing entries serve multiple purposes, including clearing revenue and expense accounts, updating the Capital account balance, and clearing the Withdrawal account. Therefore, all options (A, B, and C) are correct.

The Goal of Closing Entries Is