Palmer Company is at the end of its annual accounting period. The accountant has journalized and posted all external transactions and all adjusting entries, has prepared an adjusted trial balance, and completed the financial statements. The next step in the accounting cycle is:
A. Prepare a post-closing trial balance.
B. Prepare a work sheet.
C. Close temporary accounts.
D. Prepare an unadjusted trial balance.
E. Prepare reversing entries.
Answer: C
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