Determining the closing entries

Reference no: EM13986607

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.

Reference no: EM13986607

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