Question: Describe the closing process. Differentiate between permanent and temporary accounts. Outline the four steps in closing journal entries. Explain the importance of the closing process.

  • Describe the closing process.
    • Differentiate between permanent and temporary accounts.
    • Outline the four steps in closing journal entries.
  • Explain the importance of the closing process.
  • Identify what a post-closing trial balance shows.
  • Compare and contrast a post-closing trial balance and an unadjusted and adjusted trial balance.

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