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Anastasy [175]
3 years ago
13

Closing entries transfer the balances of all temporary accounts (revenues, expenses, and dividends) to the Common Stock account.

True / False.
Business
1 answer:
qaws [65]3 years ago
3 0

Answer:

False

Explanation:

False because the income, expenses accounts are closed to profit and loss account or income summary.

they are closed by transferring the  credit balances in revenue a/c and debit balnace in expenses a/c to clearing account income summary.

The assets and liabilities , common stock, equity account are not closed.

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