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.
The book is broken down by journal entries so instead of page numbers, we will use journal entry dates and the book's division into 3 parts for assignments. By Friday, October 29: The beginning (page 7) up to September 7. By Friday, November 5: September 7 up to Part 2. By Friday, November 12: September 18 up to October 2.