After the accounts have been adjusted on January 31, the end of the fiscal year, the following balances are taken from the ledger of Harrison's Dog Walking Service Company: Journalize the two entries required to close the accounts

Fiscal Year

A fiscal year is a 12-month period that an organization uses for accounting purposes and preparing financial statements.

Ledger Entries

Records of financial transactions within a company’s general ledger, detailing accounts affected and the amounts for each transaction.

Closing Entries

Journal entries made at the end of an accounting period to transfer the balances of temporary accounts to permanent accounts, thereby preparing the books for the next period.