Answer Happy

Jodi has decided she would like to make her fiscal year-end January 31, 2021. She understands she has only been in operation for one month but would like to prepare the closing entries so she can see what a post-closing trial balance looks like. Using the January 31, 2021 adjusted trial balance from Part 3, answer the following questions: "Note* - Don't forget to update your trial balance so that it matches the solution provided by your instructor. a. Prepare the closing entries for your business. In your own words, why are closing entries important? b. Post the entries to the general ledger accounts and prepare a post-closing trial balance.