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Explain the closing process. Specifically, 1.) State what types of accounts are closed out 2.) What does it mean to be closed out? In other

Explain the closing process. Specifically,

1.) State what types of accounts are closed out

2.) What does it mean to be closed out? In other words, how does closing out happen?

3) Why are these accounts closed out? In other words, what is accomplished by closing these entries?

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