What types of accounts must be closed at the end of the accounting period?

What acronym might help us remember which accounts need to be closed?

What are the four steps necessary to complete the closing process?

What entry is made to the revenue account to zero it out?

Where is the offsetting entry made when the revenue account is zeroed out?

What entry is made to all expense accounts to zero them out?

When the expense accounts are zeroed out, what offsetting entry is made?

Are the adjusting entries at the end of the period always made in pairs of one debit and one credit entry? Why or why not?

If revenues exceed the sum of expenses and owner withdrawals for the period, what is the net effect on Owners Equity?