Explain the four steps of the closing process given the following Dec. 31 ending balances, before closing:

Question:

Explain the four steps of the closing process given the following Dec. 31 ending balances, before closing:
Fees Earned……………………………… $200
Rent Expense……………………………. 100
Advertising Expense…………………….. 60
J. Rice, Capital…………………………… 3,000
J. Rice, Withdrawals……………………... 15

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