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    Argosy University/ Phoniex University/
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Category > Accounting Posted 26 Sep 2017 My Price 4.00

Royston Realty

Exercise 4-32  Closing Entries

Royston Realty reported the following accounts on its income statement:

 

Commissions Earned

$54,000

Travel and Entertainment

$4,500

Real Estate Board Fees Paid

5,000

Insurance Expired

780

Computer Line Charge

864

Advertising Expense

1,460

Depreciation on Computer

450

Office Supplies Used

940

Car Expenses

2,200

 

 

Required

 

 

 

1.        Prepare the necessary entries to close the temporary accounts.

2.        Explain why the closing entries are necessary and when they should be recorded.

 

Answers

Maurice Tutor
(5)
Status NEW Posted 26 Sep 2017 06:09 PM My Price 4.00

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