200 words

The closing process consists of zeroing out all temporary accounts (revenue, expenses, Income Summary, and Dividends) in order to get the accounts ready for the next period. The closing process also updates the Retained Earnings account balance for net income or net loss during the period and any dividends paid to the stockholders. 1. What are the 4 steps in the closing process? Pick one and explain the step (entry) and why it is done. 2. Explain how to determine the ending balance in Retained Earnings