15 Feb Why do firms make closing entries? A. To facilitate posting and taking a trial balance. B. To reduce the balances of revenue and expense accounts to zero so that they may be used t
Why do firms make closing entries?
A. To facilitate posting and taking a trial balance.
B. To reduce the balances of revenue and expense accounts to zero so that they may be used to accumulate the revenues and expenses of the next period.
C. To determine the amount of net income or net loss for the following period.
D. To complete the record of various transactions that were started in a prior period.
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