Question: Explain the last steps involved to completing the accounting cycle a. What is a temporary account? b. Which statement(s) do temporary accounts appear? c. What

Explain the last steps involved to completing the accounting cycle

a. What is a temporary account?

b. Which statement(s) do temporary accounts appear?

c. What is a permanent account?

d. Which statement(s) do permanent accounts appear?

e. Write the 4 closing entries and why do we close them?

f. What report do we generate when we have completed the closing entries to ensure all accounts are closed and debits equal credits?

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