Instructions Chart of Accounts General Journal Final Question Instructions Royston Realty reported the following accounts on its income statement 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 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