Closing entries ultimately will affect
A)total liabilities.
B)the Cash account.
C)the owner's Capital account.
D)total assets.

Question

Quizplus · Accepted Answer

Closing entries are made at the end of an accounting period in order to zero out temporary accounts such as revenue and expenses, and transfer the net income or loss to the owner's Capital account. Therefore, the only account that will be affected by closing entries is the owner's Capital account.

Closing Entries Ultimately Will Affect