This assignment has 2 parts, as follows: 1. Please explain the purpose of adjusting entries and closing entries. In a 1-2-page paper, not including the title and reference pages, detail what each accomplishes, and give examples of each. 2. Please journalize the closing entries from the attached 10-column worksheet. Use the attached template to complete your General Journal. Adjusted Income Unadjusted Balance Sheet 7 Owner's Equity Debit Credit Trial Balance Statement Trial Balance Debit Credit Adjustments Debit Credit Debit Credit Debit Credit 10375 10375 10375 b) 200 800 1000 Cash Prepaid Insurance Supplies Automobile 800 175 175 225 a) 50 15000 15000 15000 c) 1000 2000 2000 1000 18000 18000 18000 400 400 400 8000 8000 8000 Acoum. Depr Franki Valley, Capital Franki Valley, Drawing Commission Revenue Depreciation expense Supplies expense Insurance expense c) 1000 1000 1000 0 50 50 0 - a) 50 B) 200 200 200 28000 1250 8000 26750 20000 1250 28000 27000 27000 1250 6750 6750 net income 8000 8000 26750 26750 A B D E 1 General Journal 2 2018 3 Date PR DEBIT CREDIT Account Titles Closing Entries 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22. 23