This assignment has 2 parts, as follows: please explain the purpose

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This assignment has 2 parts, as follows: 

  1. Please explain the purpose of adjusting entries and closing entries. In a 1-2-page paper, not including the title and reference pages, detail what each accomplishes, and give examples of each. 
  2. Please journalize the closing entries from the attached 10-column worksheet. Use the attached template to complete your General Journal.