To prepare financial statements, companies complete the accounting cycle. The adjusted trial balance for Company Zee is included below. Adjusted Trial Balance Debit Credit Cash. Notes receivable (current) Prepaid insurance Prepaid rent Equipment Accumulated depreciation - Equipment 95,600 50.000 16,000 4,000 170,000 Accounts payable Long-term notes payable c. Trout. Capital ...... C. Trout Withdrawals 57.000 52.000 63,000 178.500 30.000 Densis centres Repair services revenue. 180,800 Interest revenue 7.500 Depreciation expense-Equipment istinn Wages expense Rent expense 28.500 85.000 48,000 6,000 5,700 538,800 Insurance expense Interest expense. Totals 538,800 For this week's discussion, submit your initial discussion post by responding to the following: 1. Provide an explanation for each step in the accounting cycle (Hint: There are 10 steps) 2. Explain why permanent (balance sheet) accounts are not closed 3. Using the adjusted trial balance for Company Zee, complete the following: Describe the temporary income statement) accounts for Company Zeeb. Explain the closing entries that Company Zee will need to prepare at the end of the accounting period (Hint: There are 4 steps/closing entries required). Explain the purpose of the Income Summary account