Part A $(16$ marks$)$

The following adjusted trial balance contains the accounts and balances of Queen's Arts Studio as of December $31,2023.$

Required:

Prepare the necessary year$-$end closing entries at December $31,2023.$ Note: No explanation of each set of the entries is required. $(13$ marks$)$

Prepare a post$-$closing trial balance dated December $31,2023.(3$ marks$)$

Part B $(4$ marks$)$

How temporary accounts are handled in the closing process? Explain why temporary accounts are handled in such way as you identify. Please also use one of the closing entries for Queen's Arts Studio in Part A as an example to illustrate your answers.