Answered You can hire a professional tutor to get the answer.
SP 4 REQUIRED: (1) RECORD AND POST NECESSARY CLOSING ENTRIES (2) PREPARE AN POST-CLOSING TRIAL BALANCE DATE Dec ACCOUNT TITLE amp; EXPLANATION GL...
The closing process is an important step at the end of the accounting period after financial statements have been completed. It prepares accoutns for recording the transactions and event of the next period. In the closing process we must:Identify accounts for closing ( temporary or permanent accounts). The closing applies only to temporary accounts. Permanent accounts or real accounts report on activities related to one or more future accounting periods. They carry their ending balances into the next period and generally consist of all balance sheet accounts.Record and post the closing entries (as per template)Prepare a post closing trial balance.In computerized accounting eg. Peachtree, quickbooks, quicken etc. closing is automatic at the end of the year however, as accounting students and future accountants we need to know how it is manually processed.To do list for Homework Assignment:Record and post the necessary closing entries for December 31, 2009Prepare a post closing trial balance as of December 31, 2010.I will send the rest of the required info rightg after this one, I can only attach one attachment at a time.Thank you.
