Question: For this week's assignment please share with the class: 1. Why is closing process needed in the accounting cycle? 2. Your understanding of the Income

For this week's assignment please share with the class:

1. Why is closing process needed in the accounting cycle?

2. Your understanding of the Income Summary account?

3. What happens to the Retained Earnings account in the closing process?

4. Your strategy for learning the closing process.

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