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Explain the four steps of the closing process given the following: View the...

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Accounting

Explain the four steps of the closing process given the following:
View the May 31 ending balance, before closing.
\table[[,Balance to be closed,\table[[Total amount],[to be closed]],Closed to this account,\table[[May 31 Ending],[Before Closing]],,],[Step 1:],[Step 2:],[Step 3:,,,,Fees Earned,$,1,400],[Step 4:,,,,Rent Expense,,400],[,,,,Advertising Expense,,60],[,,,,K. Rogan, Capital,,5,500],[,,,,K. Rogan, Withdrawals,,75]]
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