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.
You have your mortgage closing date scheduled, which means youâre in the home stretch. Closing is the final step of the process, and the closing table is where the ownership of the home will transfer from the seller to the new owner (thatâs you). Finally, youâll be getting the keys to your new home. Of course, there are several steps in between, so before you head off to your closing, make sure you are prepared. What to Bring. Your mortgage loan officer and title company representative typically provide you with a list of precisely what you need to bring.