What is a help please Closing entries?

closing entries:
a.summarize activity in every account.
b.are prepared before financial statements.
c.reduce number of permanent accounts.
d.cause revenue , expense accounts have 0 balances.
im not sure right think d please explain why




following information income statement of dirt poor laundry service:


revenues
laundry service revenues $5,500
expenses
wages expense $1,450
advertising expense 500
rent expense 300
supplies expense 200
insurance expense 100
total expenses 2,550
net income $2,950

entry close laundry service revenue account includes a:



credit laundry service revenue $5,500.



debit income summary $5,500.



debit retained earnings $5,500.



debit laundry service revenue $5,500.


following information income statement of dirt poor laundry service:


revenues
laundry service revenues $5,500
expenses
wages expense $1,450
advertising expense 500
rent expense 300
supplies expense 200
insurance expense 100
total expenses 2,550
net income $2,950

entry close income summary includes a:



credit income summary $2,950.



debit retained earnings $2,950.



credit common stock $2,950.



debit income summary $2,950.

following information income statement of dirt poor laundry service:


revenues
laundry service revenues $5,500
expenses
wages expense $1,450
advertising expense 500
rent expense 300
supplies expense 200
insurance expense 100
total expenses 2,550
net income $2,950

entry close expense accounts includes a:



credit retained earnings $2,550.



credit income summary $2,550.



debit income summary $2,550.



debit wages expense $1,450.

given following adjusted trial balance:


debit credit
cash $781
accounts receivable 1,049
inventory 1,562
prepaid rent 43
property, plant & equipment 150
accumulated depreciation $26
accounts payable 41
unearned revenue 61
common stock 103
retained earnings 3,305
service revenue 134
interest revenue 28
salary expense 80
travel expense 33
total $3,698 $3,698

net income year is:

im getting 113 income year

closing entries: a.summarize activity in every account. b.are prepared before financial statements. c.reduce number of permanent accounts. d.cause revenue , expense accounts have 0 balances. im not sure right think d please explain why following information is...

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