For this weeks discussion, submit your initial discussion post by responding to the following:

1. Provide an explanation for each step in the accounting cycle (Hint: There are 10 steps) 2. Explain why permanent (balance sheet) accounts are not closed

3. Using the adjusted trial balance for Company Zee, complete the following:

Describe the temporary (income statement) accounts for Company Zeeb.

Explain the closing entries that Company Zee will need to prepare at the end of the accounting period (Hint: There are 4 steps/closing entries required).

Explain the purpose of the Income Summary account

Adjusted Trial DebitCredit Notes receivable (current) 50,000 4,000 57,000 52,000 63,000 178,500 C. Trout, Capital 80,800 7,500 Depreciation expense-Equipment... 28,500 5,700 538,800 538,800