Why is it necessary for businesses to record adjusting entries at the end of a fiscal period? Muluple Cthoice To adjust the cash occount for any cash payments or receipts made on the last doy of the fiscal period To close all tempotary accounts and to updote the capital account for net income and withdrawals dunng the period Fo update accounts at the end of the fiscol pedod to teflect accruat accounting by recording revemues and expenses in the proper tume period To close all the permanent accounts and to update the capital account for net income and withdrawals during the period