Which accounts are required to have a zero balance after the closing process? Must accounts from the income statement or balance sheet show a zero balance after the closing entries are posted?

Is the work sheet a required step in the accounting cycle? Is it a substitute for recording and posting adjusting and closing entries?

What are FOB destination and FOB shipping point?

Why are they important? In each, who pays forshipping (buyer or seller) and when does ownership transfer from buyer to seller?In most all accounting transactions, you are either the buyer or the seller. Do know how to record(journalize) both sales and purchases? What are sales, sales discounts, and sales returns &allowances? What are purchases, purchase discounts, and purchase returns & allowances? Whyare they tracked separate accounts? How are they recorded (journal entries and whether each isincreased or decreased with either a debit or credit)? What does 2/10, n/30 mean? Given a salesamount and terms, can you identify journal entries for both the sale and payment of the accountreceivable (either with or without the discount being taken)? How would a return of merchandisepurchased on account affect that receivable account?