A major purpose of preparing closing entries is to a) adjust the asset accounts to their correct current balances. b) update the Retained Earnings account. c) close out the Supplies account. d) zero out the liability accounts.
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Home » Mathematics » A major purpose of preparing closing entries is to a) adjust the asset accounts to their correct current balances. b) update the Retained Earnings account. c) close out the Supplies account. d) zero out the liability accounts.