**TI82** TxtView file generated by CalcText - KouriY JCHAPx4x2JHÿcpta chap 4.2CLOSING The process of making the accounts ready for the next period at the end of the accounting period • Temporary vs. Permanent account 1) temporary (accounts are closed) all revenue accounts all expenses accounts dividends 2) permanent (accounts not closed) all assets accounts all liaiblites equity example closing entries = -service revneue - income summary -income summary=supplies expense/ depreciation/ insurance, salaries and wages; rent, interest -income summary - retained earnings -retained earnings - dividends ÿ$Ê