Question 22 (4 points) Listen You are at a party when everyone learns that you are taking Accounting 110 at Camosun College. Everyone at the party gathers around you, impressed and excited that you have taken this course. They ask if you can answer some questions to which you graciously agree. Please answer the question in the space indicated below. "I took some accounting but I never really understood the debits and credits. For instance, I remember my teacher saying that debits increase cash and credits decrease cash. That doesn't make sense to me, since when I use my debit card to purchase something, my cash is going down, not up, and it shows as a debit on my bank statement. Also, when I deposit money into my bank account, it shows my account being credited. Why is it backwards? I am so confused so thanks for helping me." Required: Reply to the question below (4 marks) 32 They now ask another question... Please answer the question in the space indicated below. "I never understood why we do closing entries. Why are they prepared, for which accounts, and can you give me an example of what one closing entry would look like in terms of what would be debited and credited and why? Required: Reply to the question below (4 Marks) Paragraph B I UA MINI od