Which of the Following Statements Is Not Correct

Multiple Choice

Which of the following statements is not correct?

A) In the closing process, the balance of the Purchases account is transferred to the Merchandise Inventory account.
B) Closing the Revenue accounts is the first step in the closing process.
C) In the closing process, the balance of the owner's drawing account is transferred to the debit side of the owner's capital account.
D) The worksheet is the source of data for the general journal entries required to close the temporary accounts.