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1. What purpose(s) are accomplished by preparing and posting adjusting entries? 2. What purpose(s) are accomplished by preparing and posting closing entries? 3. Why are

1. What purpose(s) are accomplished by preparing and posting adjusting entries?

2. What purpose(s) are accomplished by preparing and posting closing entries?

3. Why are assets and liabilities reported in separate categories on the classified balance sheet? What are the categories used to separate assets and liabilities?

4. What is the difference between temporary and permanent accounts?

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