Question: Recording Closing Entries Refer to E4-18. Required: 1. What are the purposes of closing the books at the end of the accounting period? 2. Using

Recording Closing Entries
Refer to E4-18.
Required:
1. What are the purposes of “closing the books” at the end of the accounting period?
2. Using the adjusted balances in E4-18, give the closing entry for 2011.

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