$2\mathrm{.}7,$ Knowledge Check $01$

points Which of the following is an objective for preparing closing entries?

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To convert from the accrual basis of accounting to the cash basis of accounting.

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To transfer the balances of temporary accounts to the Retained Earnings account.

To reverse the effects of double$-$entry bookkeeping and ensure that the accounting equation is in balance.

To make sure that proper adjustments are made before preparing an adjusted trial balance.

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