(Solution) - 1 Temporary accounts in the ledger should have a zero -(2025 Original AI-Free Solution)

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1. Temporary accounts in the ledger should have a zero balance.
2. New figure for capital is determined inclosing.
All closing can be done from the worksheet. Income Summary is a temporary account in the ledger.

From the above worksheet, explain the four steps of closing. Keep in mind that each individual expense normally would be listed in the closing process.