Assume that no dividends were declared during the current year. Which of the following statements about the effect of a net loss on the closing process is correct? Multiple Choice If a company has a net loss during the current accounting period, then the ending Retained Earnings will be smaller than the beginning Retained Earnings. When closing entries are prepared, Common Stock is debited if a company has a net loss. If a company has a net loss, the closing entry will include debits to the revenue accounts, credits to the expense accounts, and a credit to Retained Earnings. If a company has a net loss, the amount of revenues to be closed will be greater than the amount of