List the five (5) steps, in order, in preparing the worksheet a. . 2. What is the name given to the general ledger accounts that are closed out? List the general ledger account categories. 3. What is the name given to the general ledger accounts that are not closed out? List the general ledger account categories. 4.Describe how the general ledger accounts are closed out. What general ledger accounts are closed out to which account? 5.What general ledger account categories are included in the Post-Closing Trial Balance? 6. Please identify the error in this accounting sequence. How would you correct the error? "On September 1st, Joan invoiced a customer for services performed. The customer paid Joan on September 15th and Joan Debited Cash and Credited Revenue for the amount received." 2. What is the error? What is the Debit and Credit entries to correct the error? 7. Please identify the error in this accounting sequence. How would you correct this error? "On September 21st, Joan purchased an Equipment on account valued at $540 but recorded it as $450". . What is the error? b.What is the Debit and Credit entries to correct the error? 8.List the order, in terms of liquidity, of the Asset categories in the classified Balance Sheet. 9.What is the main difference between Long- term investment and Property, Plants, and Equipment? 10. What is the main difference between Current Assets and the other Asset categories? 11. What is the main difference between Current Liabilities and Long-term Liabilities? 12.A company's liquidity is favorable when.... 13. List the stages of the accounting cycle, from inception to the closing of the account. Chapter 4 Summarization Page 1 of 2