Question: Explain the four steps of the closing process given the following: Aug. 31 ending balance, before closing Fees Earned ............... $1,000 Rent Expense ............. 150

Explain the four steps of the closing process given the following:
Aug. 31 ending balance, before closing
Fees Earned ............... $1,000
Rent Expense ............. 150
Advertising Expense ........... 110
J. Roulette, Capital ........... 5,000
J. Roulette, Withdrawals ......... 50

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