ACC 205 Week 2 Discussion 2 Year-End Closing Process (2019)

Year-End Closing Process [WLOs: 1, 2, 3, 4] [CLOs: 1, 2]. 1st Post Due by Day 3. Prior to beginning work on this discussion, read Chapter 4 in the textbook. In addition, the MyLab materials listed in the Recommended Resources section this week may provide more in-depth information for this discussion (optional). 

Write: Make sure your response addressing the following questions is more than 200 words and that you include an in-text citation or a brief quote from the reading material where appropriate. 

• Describe the year-end closing process. 
• What are the four steps in the closing process? Provide an example journal entry for each. 
• What is the difference between temporary and permanent accounts?