appropnare Carlton Tennis Club CONCEPT Explain why it is necessary to make closing entries at the 5. Propare an income statement, a statement of owner's eqtun accounting period 02 Preparation of Closing Entries 3. Primorsk ment of report for the year is a global specialized stafting firm. Information adapted fromh n its earnings (in thousands, without earnings per share information) i strib cash (divide nds) in the amount of $95,562,000 to the owners in 2014