Question: When the session date is advanced to the first day of the next year, Sage 50 Accounting: a) closes the revenues and expenses, transfers the

When the session date is advanced to the first day of the next year, Sage 50 Accounting: a) closes the revenues and expenses, transfers the net income/loss and drawings/didvidends for you and prepares the journal entry, b) closes the revenues and expenses, transfers the net income/loss and prepares a general journal entry, c) closes the revenues and expenses, transfers the net income/loss to capital or retained earnings but does not prepare general journal entry, d) will generate journal entries for the closing entries specified at your request in System Setup

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