List and describe the purpose of the four closing entries.
1. Close revenues to income summary.
2. Close expenses to income summary.
3. Close income summary to capital account.
4. Close drawing account to capital account.

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The Answer of List and describe the purpose of the four closing entries.
1. Close revenues to income summary.
2. Close expenses to income summary.
3. Close income summary to capital account.
4. Close drawing account to capital account.

List and Describe the Purpose of the Four Closing Entries