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Closing entries are necessary at the end of each period to:Question 24 options:Calculate net income or net loss for an accounting period.Ensure that all permanent

Closing entries are necessary at the end of each period to:Question 24 options:Calculate net income or net loss for an accounting period.Ensure that all permanent accounts are closed to zero at the end of each accounting period.Ensure that the company complies with state laws.Ensure that temporary accounts begin each period with zero balances.

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