1.) Briey explain why adjusting entries are needed. 2.) Provide anl example of an instance where an adjusting entry would be required. Explain the difference in the timing of revenue recognition under cash accounting than in under accrual accounting. Explain the closing process. Specically, 1.) State what types of accounts are closed out 2.) What does it mean to be \"closed out? In other words, how does closing out happen? 3) Why are these accounts closed out? In other words, what is accomplished by closing these entries? Present your answer as: 1.) 2.) 3.)