Answer: Option B
Explanation: In simple words, closing entries refers to the journal entries which are made at the end of an accounting period for transferring the temporary account balances into permanent accounts.
These entries are made to close the four accounts for clear depiction of capital at the end of they year, these accounts are income, expenses, income summary and dividend account.
The objective behind making such entries is to clear the temporary accounts balance to zero for the next accounting period.
