Question

Closing entries transfer the balances of all temporary accounts (revenues, expenses, and dividends) to the Common Stock account.True / False.

Answer 1

False

Step-by-step explanation:

False because the income, expenses accounts are closed to profit and loss account or income summary.

they are closed by transferring the credit balances in revenue a/c and debit balnace in expenses a/c to clearing account income summary.

The assets and liabilities , common stock, equity account are not closed.