If you have never tried to quit smoking cold turkey, it will likely be a learning experience. Even if you don't successfully quit using this method, you may learn things about yourself and your habit that will help you quit on a future attempt.
After you've made a list of liabilities, divide them into two categories: 1  Liabilities that will be ongoing during probate -- these will be administrative expenses. 2  Liabilities that can be paid off in full after the probate estate is opened -- these are the decedent's final bills.
For example, revenue, dividend, or expense accounts are temporary accounts that need to be zeroed off and the balance transfered to permanent accounts. The sequence of the closing process and the associated closing entries is: 1. Close revenue accounts to income summary, by debiting revenue and crediting income summary. 2. Close expense accounts to income summary, by debiting income summary and crediting expense.