2. Theory/ Discussion question (a). Compare and contrast the purposes of (i) adjusting entries, (ii) closing entries and (iii) reversing entries. (b). So far, we have heard of the existence of three trial balances (i) the unadjusted trial balance, (ii) the adjusted trial balance and (iii) the post-closing trial balance. Explain (i) the purpose of each, and (ii) indicate the types of account balances that are contained in each.