1) What are the steps in recording closing entries? 2

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1) What are the steps in recording closing entries?

2. What accounts are affected by closing entries? What accounts are not affected?

3. What two purposes are accomplished by recording closing entries?

4. What is the purpose of the Income Summary account?

5.What is a company’s operating cycle?

6. What classes of assets and liabilities are shown on a typical classified balance sheet?

7. How is unearned revenue classified on the balance sheet?

8. What are the characteristics of plant assets?