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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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