Closing Accounts Why do we perform the closing process? 1. 2. What are the four steps in the closing process? 1. 2. 3. 4. What are temporary accounts? What are permanent accounts? QS 4-5Classifying temporary and permanent accounts LO2 You are the accountant at Stephos Greek Taverna. After completing the December 31, 2017 financial statements, you need to post the closing entries to prepare for the 2018 year. Start the process by completing the following table. Required: Ident the following accounts are temporary or permanent an "" and 2. Determine what financial statement(s) each account is recorded on (Income statement, Balance Sheet or Statement of Changes in Equity). Note that some accounts may be recorded on more than one financial statement. Account (11) Temporary? (1) Permanent? (2) Financial Statement? a. Accounts Payable b. Insurance Expense c. Delivery Vehicle d. Interest Income e. Unearned Revenue f. Accumulated Depreciation g. Stephos Petridis, Capital h. Depreciation Expense i. Stephos Petridis, Withdrawals j. Wages Payable k. Prepaid Insurance 1. Utility Expense m. Building n. Supplies Expense