Now we are going to focus on: 8. Closing Entries to clear out the temporary accounts, a balance of zero, in preparation for the next accounting cycle. 9. Preparing the Post Closing Trial Balance to ensure that all temporary accounts were closed properly and permanent accounts remained in balance.

Watch the following 4 minute, 12 second video How to Prepare Closing Entries and Prepare a Post Closing Trial Balance Accounting Principles by Wiley.

After watching the video, submit your initial discussion , include the following:

Describe the closing process. Differentiate between permanent and temporary accounts. Outline the four steps in closing journal entries. Explain the importance of the closing process. Identify what a post-closing trial balance shows. Compare and contrast a post-closing trial balance and an unadjusted and adjusted trial balance.

150words max