1. Temporary accounts in the ledger should have a zero balance. 2. New figure for capital is...

Question:

1. Temporary accounts in the ledger should have a zero balance.
2. New figure for capital is determined inclosing.
All closing can be done from the worksheet. Income Summary is a temporary account in the ledger.

From the above worksheet, explain the four steps of closing. Keep in mind that each individual expense normally would be listed in the closing process.