Business, 03.06.2021 17:40, gporter9200

The Closing ProcessThe final step of the accounting cycle is the closing process. The main goal of this stage of the cycle is to ensure that the balance of each temporary account is returned to zero and that net income is transferred to the retained earnings account. The first step in successfully undertaking the closing process is to understand the difference between a temporary account and a permanent account. Roscoe has some questions about the process. Answer the following questions (1) - (3). If an amount is zero, enter "0".1. If a temporary account has an ending balance of $62,000, what is its beginning balance for the following accounting period?$02. If a permanent account has an ending balance of $62,000, what is its beginning balance for the following accounting period?$620003. Roscoe will be preparing his yearly financial statements after completing Chandler, Inc.'s closing process, and is somewhat confused about the characteristics of the accounts. He has started by creating the following chart, and asks for your help in completing it. (Select "Yes" or "No" from the below dropdowns.) toRetained accountsNoYesNoDividends accountYesNoYes

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The Closing ProcessThe final step of the accounting cycle is the closing process. The main goal of t...