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ACC 205 WEEK 2 DQ 2 Understanding the Accounting Cycle: Adjusting and Closing Entries

Discussion on adjusting and closing entries in the accounting cycle.

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Understanding the Accounting Cycle: Adjusting and ClosingEntriesACC 205 WEEK 2 DQ 2Explain the importance of adjusting entries in the accounting cycle and the impact on net income ifthese entries are not made. Additionally, describe the four closing entries and their purpose in updatingthe owner's capital or retained earnings account. (Word count requirement: 300-400 words)

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University
National University
Subject
Accounting

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