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Why are closing entries necessary? In your opinion, what are the potential downfalls of not performing this task at the end of an accounting period?

Why are closing entries necessary?

In your opinion, what are the potential downfalls of not performing this task at the end of an accounting period?

Would a company benefit from using the perpetual system and the periodic system at the same time? Why, or why not?

Explain the difference between the perpetual and periodic methods of inventory tracking.

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