- midterm exam acc_2301_students Q- Search in Document Home Insert Design Layout References Mailings Review View Table Design Layout 2+ Share Arial - 8 8 A- AT A A AA E. IT D. cho AaBb CcDc AzebCcDoe AaBb Azeb CEDAE Hueding 1 Title Subtitle Paste B B 1 U ale XX ASA Normal No Sucing AM Sublime.. Styles Pane Check for Updates Office Update To keep up-to-date with security updates, fixes, and improvements, choose Check for Updates 3. Morgan Realty reported the following accounts on its income statement: + Commissions Earned $83.000 Travel and Entertainment 4,500 Real Estate Board Fees Paid 8,000 Insurance Expired 780 Computer Line Charge 765 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. Page 2 of 3 470 werd DE English (United States) = = - + 164%