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KatRina [158]
2 years ago
15

What is the main purpose of closing entries for revenues and expenses into Profit and Loss Summary? a. To determine the profit f

or period. b. To transfer the journalised entries to relevant ledger account. c. To check the accuracy of journal entries. d. To provide information of business ability to repay for the debt.
Mathematics
1 answer:
ANTONII [103]2 years ago
5 0

Answer:

A

Step-by-step explanation:

Revenues and expenses are closed every year so that the profit or loss can be determined for the yearly period.

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