Question: Please write neatly! (a) Journalizing and posting closing entries is a required step in the accounting cycle. Discuss why it is necessary to close the

Please write neatly! (a) Journalizing and posting closing entries is a

Please write neatly!

(a) Journalizing and posting closing entries is a required step in the accounting cycle. Discuss why it is necessary to close the books at the end of an accounting period. (b) Distinguish between a reversing entry and an adjusting entry. Are reversing entries required

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