Question 1 (1.6/ points) Closing entries will include Dr. Sales, Purchases Returns and Allowances, Purchases Discounts Cr. Purchases, Sales Discounts, Sales Returns and Allowances Neither Answer 1 or Answer 2 All are correct Question 2 ( 1.67 points) Closing entries are entered directly on to the work sheet. True False Question 3 (1.67 points) The natural business year is a fiscal year that ends when business activities/inventory are at its lowest point. is a calendar year that ends when business activities/inventory are at its lowest point. is a fiscal year that ends when business activities/inventory are at its highest point. is a calendar year that ends when business activities/inventory are at its highest point