Question: a) What does the Postclosing Trial Balance represent? What is included in it and why is it important? b) What are the temporary accounts and

a) What does the Postclosing Trial Balance represent? What is included in it and why is it important?

b) What are the temporary accounts and why are they closed each period?

c) Describe the closing entries and prepare them in proper form?

d) Identify the steps in the accounting cycle.

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