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.
Temporary accounts, such as revenue and expense accounts, are used to measure flow that occurs over time; they are closed at the end of the accounting cycle. Closing an account means to create an entry that reduces its value to zero. The process of closing all the temporary accounts is known as clearing the accounting year. 1  1. Close the revenue accounts to the clearing account. 2  2. Close the expense accounts to the clearing account. 3  3. Verify the clearing account against the income statement. 4  4. Close the clearing account to retained earnings. Revenue and expense flows result in an increase (profit) or decrease (loss) in owners' equity. At the end of the accounting cycle, the profit or loss of a company is moved to the retained earnings account.