When Preparing the Closing Entries for a Partnership at the End

Multiple Choice

When preparing the closing entries for a partnership at the end of the accounting period which of these statements is true? Assume that capital account balances are not fixed.

A) Income and expenses are closed to the capital accounts
B) The profit and loss summary account is closed to the retained earnings accounts
C) The retained earnings account is closed to the profit and loss summary account
D) The drawings accounts are closed to the capital accounts