Preparing the worksheet and closing entries provide a mechanism for applying the concept of periodicity.

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The preparation of a worksheet and closing entries are key steps in the periodic accounting process. The worksheet is used to adjust accounts and summarize financial information for a specific period, while closing entries are used to reset temporary accounts and prepare for the next period. Together, these steps help ensure that financial statements accurately reflect the financial activity of the period and provide useful information for decision-making.

Preparing the Worksheet and Closing Entries Provide a Mechanism for Applying