 Once we have all the transactions in there, because cash is so crucial and involved in so many transactions, it's a huge check, a huge internal control for us to reconcile the bank accounts. We don't want to go to the adjusting process until we've reconciled the bank accounts. So once we're done with the month, we're going to say, let's reconcile the bank accounts meaning compare the bank balance of cash to our balance of cash, determine exactly what the differences are, make any adjustments we need to make, and then reconcile in terms of what is outstanding, what are the outstanding checks, what are the outstanding deposits. That gives us assurance that our transactions are in there correctly, both our cash transactions and because so many other entries are involved in cash, it's a huge check on our on our entire financial system. Then we want the accounting cycle in terms of the recording the adjusting entries. So the adjusting entries are going to be those that are made as of the end of the month. In this case, 731, all of them are made as of the end of the month. Those are our timing journal entries, meaning we're making sure that our financial statements are correct on an accrual basis. Looking at those accounts that always need adjustment, those accounts like prepaid insurance and accumulated depreciation. And we have interest payable and unearned revenue. Those accounts that typically are going to need some type of adjustment. And that's just the way the system is built. So we're going to put those journal entries in there in order to make our financial statements correct as of the date that the financial statements are being generated. Then we're going to take this adjusted trial balance, the one that is now been adjusted in terms of those adjusting entries to make them on an accrual basis or as close to it as possible and use them to create the financial statements. The end product, this is what we're trying to get to the balance sheet, the income statement and the statement of owner's equity in terms of financial counting. This is our product that is going out to the external users. Also the product that's mainly going to be the basis for most of the managerial accounting reports used on an internal basis as well. So this is the main event. And you might think it should be the last step then it being the main event. But it's not the last step after we have the financial statements. We are then going to do the closing process. And this is kind of like if we have the main events being a Super Bowl or something like that then the closing process is cleaning up all the stadium afterwards in order for us to start the process over again. That's what we're doing in the closing process. We're going to take that adjusted trial balance, which we use to make the financial statements and we're going to close out those temporary accounts, those accounts that are kind of like the scoreboard accounts, those revenue accounts, those income statement accounts, those draws accounts, those are going to be these items down here. And those then are going to be zero at the end. Why? Because as of the first day of the next month, we want them to be at zero just like we want the scoreboard and the new game to be zero so that we can start counting up again from that point forward. So those are going to be the five steps you want to keep in mind. And when you have a broad view and thinking in terms of what the accounting process is going to be, you want to have these five steps in mind so you know what is going on from that level, meaning starting with the normal business transactions. And again, in terms of time, that's what's going on most of the time, the whole month. That's basically what goes on at the end of the month. Obviously a busy time for the accounting department because we need to reconcile the bank accounts, then do the adjusting journal entries, then the financial statements, the main events, and then we do the closing process in that point and then we can start over and do the next process again in that order. At this point, just want to note that smaller companies may not be required to issue publicly, you know, financial statements to the public. And therefore they may not be as diligent in terms of their bank reconciliations and their adjusting entries and the creation of the financial statements as they should be and they might be depending typically possibly yearly to get help from an outside CPA firm at least to make the financial statements to generate the tax returns. So just realize that if you're in a smaller company that there could be some differences in terms of the just exactness of the accounting process from month to month. The larger the company that will be the more systematic we're going to have the process basically down from month to month, although of course there will also be more detail involved when we get into the more detail of each of these steps within the process.