What types of accounts are referred to as temporary accounts? Why are closing entries required at the end of the accounting period?

What types of accounts are referred to as temporary accounts? Why are closing entries required at the end of the accounting period? What is the difference between adjusting entries and closing entries?
In a minimum of 200 words, answer the question or questions. Pick two peer’s postings and review. Then comment in no less than 100 words why you found the information helpful, informative, etc. You must present new ideas and/or thoughts, merely stating that you agree/disagree is NOT enough to earn full points.
Cite all sources – you must provide the exact link to the reference. Please keep in mind that citing sources does not mean you can copy and paste information from the source and use it as your own. You also cannot only change a few words from a source; all work must be in your own words. If copying/pasting is found or the submission is not in your own words, you will receive a zero, no exceptions. This also includes commenting on peer’s posts.

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