Closing the temporary accounts at the end of each accounting period does not do which of the following? Multiple Choice Causes owner's capital to reflect Increases from revenues and decreases from expenses and withdrawals. Brings the asset and liability accounts to zero balances. Prepares the withdrawals account for use in the next period. Transfer the effects of temporary accounts to the owner's capital account on the balance sheet. Brings the revenue and expense accounts to zero balances.

The correct answer is:<br /><br />**Brings the asset and liability accounts to zero balances.**<br /><br />### Explanation:<br />Closing temporary accounts at the end of an accounting period involves transferring the balances of revenue, expense, and withdrawal (or drawing) accounts to the owner's capital account. This process ensures that these temporary accounts start with a zero balance in the next accounting period. However, **asset and liability accounts are permanent accounts**, meaning their balances are carried forward to the next period and are not closed or brought to zero during the closing process.<br /><br />Here’s how the closing process works:<br />1. **Revenue accounts**: Closed to the Income Summary account.<br />2. **Expense accounts**: Closed to the Income Summary account.<br />3. **Income Summary account**: Closed to the Owner's Capital account.<br />4. **Withdrawals account**: Closed directly to the Owner's Capital account.<br /><br />Since asset and liability accounts are not part of this process, they retain their balances and are not affected by the closing entries.