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.
In addition, the adjustments tend to be forced upon the accountant because the accounting cycle is coming to an end. and the financial statements need to be prepared. Closing entries occur at the end of the accounting cycle as well. These entries are made in order to. prepare for a new accounting cycle. For example, we do not want to carry over the amounts in cost of. goods sold expense account into the next cycle. Rather, we want that account to start fresh from a zero. balance.