Journalizing and posting the adjustments and closing entries updates the ledger for the new accounting period.

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Journalizing and posting the adjustments and closing entries are important steps that help to prepare the ledger for the new accounting period. These entries help to account for any accrued expenses, unrealized income, and other adjustments that need to be made before closing the books for the current period. Once these entries have been made, the ledger can be updated and prepared for the start of the new accounting period.

Journalizing and Posting the Adjustments and Closing Entries Updates the Ledger