What will happen after all the closing entries have been posted to the genereal ledger?

After all the closing entries have been posted to the general ledger, the temporary accounts (like revenues and expenses) will be reset to zero, effectively transferring their balances to the retained earnings account. This process prepares the accounts for the new accounting period, ensuring that only current period transactions are reflected in the income statement. The updated balances in the permanent accounts will carry forward into the next period, providing an accurate starting point for future financial reporting.