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.
Journal entries, adjusting entries, reversing entries, closing. CPA Exam Forum âº FAR âº FAR Review âº Journal entries, adjusting entries, reversing entries, closing. This topic contains 24 replies, has 8 voices, and was last updated by Roxwella 4 years, 9 months ago.