Prepare the neccessary entries to close the temporary

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Reference no: EM13586581

Royston Realty reported the following accounts on its income statement:

Commisions 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

1. Prepare the neccessary entries to close the temporary accounts

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

Reference no: EM13586581

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