Post a full paragraph consisting of 3 full sentences describing why the closing process is needed. Closing must be performed on all temporary accounts (which consist of all revenues, all expenses, and Dividend). Use the following suggestions to guide your post: . Describe difference between temporary and permanent accounts. Is Retained Earnings a permanent or temporary account? . Select one closing entry you are going to focus your initial post on. Choose from closing revenues/expenses or Dividends. For the closing entry you select... describe 1. what account(s) will you debit and credit and 2. how will you determine the amount you debit and credit. Please be as specific as possible as if you were teaching a friend on how to properly prepare the closing journal entry. How does the closing entry you selected affect the Retained Earnings account? Explain Why? If you understand the step well, please share what helps you or if you have difficulty understanding the step, please share what you used to overcome your initial difficulties. An example of what may help is to read and study the "Closing Entries" topic in Chapter 4 of the book. The paragraph should contain at least 75 words.