1 the total amount of money that a company pays to its employees. 2  a company's records of its employees' salaries and wages, bonuses, and withheld taxes. 3  the company's department that calculates and pays these. the total amount of money that a company pays to its employees. 2  a company's records of its employees' salaries and wages, bonuses, and withheld taxes. 3  the company's department that calculates and pays these.
Closing entries are needed to clear out your revenue and expense accounts as you start the beginning of a new accounting period. Preparing your closing entries is a very simple, mechanical process. Follow these steps: 1  Close the revenue accounts. 2  Prepare one journal entry that debits all the revenue accounts.
Positive: 33 %. Reversing entries are journal entries made at the beginning of each accounting period. [ The sole purpose of a reversing entry is to cancel out a specific ... Read more. Positive: 32 %. Learn reversing entries in this comprehensive lesson.... reversing entry is an optional accounting entry that is made at the beginning of the next ... The reversing entry eliminates the wage and ... Read more. Positive: 14 %. express-helpline is the most recommended homework answer website.