Closing entries are basically following a written formula to close out certain accounts. After studying the chapter, why do we need closing entries? What would be the negative consequences if we forgot to perform closing entries? (As you think about the negative consequences, reflect upon which accounts are affected and what financial statements are affected as well if we forget the closing process.) Discuss the two topics in two separate responses. Respond to at least one peer's original response. Your initial response (150 words or more required) to the discussion must be made by Wednesday night at 11:59 P.M. Your response to a peer's response (75 words or more required) must be made by Sunday night at 11:59 P.M. The discussion rubric is available by clicking on the three vertical dots then click View Rubric; this is the method I use to grade your discussions in this course.