Royston Realty reported the following accounts on its income statement: Required 1. Prepare the necessary entries to
Question:
Royston Realty reported the following accounts on its income statement:
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.
Transcribed Image Text:
Commissions Revenue Real Estate Board Fees Paid Computer Line Charge Depreciation on Computer Car Expenses $54,000 5,000 864 450 2,200 Travel and Entertainment Insurance Expired Advertising Expense Office Supplies Used $4,500 780 1,460 940
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1 Closing entries Commissions Revenue 54000 Income Summary 54000 To close r...View the full answer
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Related Book For
Financial Accounting The Impact On Decision Makers
ISBN: 9781305793194
10th Edition
Authors: Gary A. Porter, Curtis L. Norton
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