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A merchandiser has four closing journal entries at the end of an accounting cycle. Select the correct entries below.

- Close expense accounts.
- Close revenue accounts.
- Close the merchandise inventory account.
- Close the dividends account.
- Close the income summary account.
- Close asset accounts.



Answer :

GinnyAnswer

Final answer:

In accounting, closing entries involve closing expense and revenue accounts to prepare for the next accounting period.


Explanation:

Close expense accounts: Expenses are closed to match them with the corresponding revenues in the period they are incurred.

Close revenue accounts: Revenues are closed to prepare the accounts for the next accounting period.

Close the income summary account: The income summary account is used to transfer the balance of revenue and expense accounts.


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