Answer each topic question and cite all references 1. Name the steps of the accounting cycle. 2. What is the accounting cycle? 3. What account appears on a postclosing trial balance? 4. Why is a post-closing trial balance prepared? 5. Where does the accountant obtain the data needed for the adjusting entries? 6. Why does the accountant record closing entries at the end of a period? 7. How is the Income Summary account used in the closing procedure?
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