Assignment $2$

Chapter $3$

What are the steps in recording closing entries?

$3.$ What two purposes are accomplis

$4.$

Daniel is having trouble dete accounts into each category.

$5.$ Alexis believes that temporary account information is deleted through the closing entries. Do you agree or disagree? Explain. What is the relationship between temporary and permanent accounts?

$6.$ Describe the similarities and differences between adjusting and closing entries

$7.$ What is the purpose of the Income Summary account? How is it different from the Income Statemente, Building account.

$8.$ Explain whether an error has occurred if a post$-$closing trial balance includes a Depreciation Expense, Building account.