I)Explain the process of closing the books, and explain why its is important( 5 marks) The income statement for the year 2020 for Zam Clay contains the following information: Revenues K160,000 Expenses: Salaries and Wages Expense 40,000 Rent Expense 30,000 Supplies Expense 6000 Advertising Expense 4000 Insurance Expense 2000 Total expenses 82,000 Net income 78,000 Dividends of K8, 000 were paid to share holders ii) Prepare the closing entries and the income summary ledgers for Zam Clay (10 marks) iii) You are discussing the accounting cycle with your classmates, you are wondering whether there is a difference between the udjusted trail balance and the Post-Closing Trial Balance.Explain the difference between the two