As of the census of 2000, there were 4,974 people, 1,432 households, and 1,151 families residing in the city. The population density was 894.1 people per square mile (345.4/kmÂ²). There were 1,485 housing units at an average density of 266.9 per square mile (103.1/kmÂ²). The racial makeup of the city was 52.21% White, 1.43% Black or African American, 1.23% Native American, 0.46% Asian, 0.16% Pacific Islander, 40.79% from other races, and 3.72% from two or more races.
Closing entries are journal entries made at the end of an accounting period which transfer the balances of temporary accounts to permanent accounts. Closing entries are based on the account balances in an adjusted trial balance. The permanent account to which balances are transferred depend upon the type of business.
DEFINITION of 'Closing Entry'. A journal entry made at the end of the accounting period. The closing entry is used to transfer data in the temporary accounts to the permanent balance sheet or income statement accounts. The purpose of the closing entry is to bring the temporary journal account balances to zero for the next accounting period, which aids in keeping the accounts reconciled. Next Up.