The following is the adjusted trial balance for Kiwi Company: 2.200 2,700 Kiwi Company Adjusted Trial Balance December 31 Cash 11,6051 Accounts Receivable 3,300 Prepaid Expenses 2.750 Equipment 10.400 Accumulated Depreciation Accounts Payable Notes Payable Owner's capital Owner's withdrawals Fees Earned Wages Expense 12,459 Rent Expense 4,900 Depreciation Expense 2,150 Miscellaneous Expense 53.70g Totals TET 000 ,200 4,870 36,600 1.275 53.700 Required: 1. Prepare closing entries (without explanations) and the post-closing trial balance. (19 marks) 2. Explain why it is necessary to make closing entries at the end of an accounting period