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

When the session date is advanced to the first day of the next year, Sage 50 Accounting:

Closes the revenues and expenses, transfers the net income/loss and drawings/dividends for you and prepares the General Journal entry.

Closes the revenues and expenses, transfers the net income/loss and prepares a General journal entry.

Closes the revenues and expenses, transfers the net income/loss to Capital or Retained Earnings but does not prepare a General journal entry.

Will generate journal entries for the closing entries specified at your request in System Setup.

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