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One purpose of closing entries is to Multiple Choice adjust the ledger account balances to...

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Question

Accounting

One purpose of closing entries is to

Multiple Choice

adjust the ledger account balances to provide complete and accurate figures for use on financial statements.

close all accounts so that the ledger is ready for the next accounting period.

reduce the owner's capital account balance to zero so that the account is ready for the next period.

transfer the results of operations to owner's equity.

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