Selected accounts and amounts appear below. Journalize the closing entry, assuming a perpetual inventory system.
Definitions:
360-Day Year
A 360-day year is an accounting practice that treats each month as having 30 days, simplifying interest calculations in the financial industry.
Total Amount
The aggregate sum resulting from the addition of numbers, amounts, objects, etc.
Ordinary Interest
Interest calculation based on a 360-day year, often used in banking and finance, as opposed to real interest which is based on a 365-day year.
Exact Interest
Interest calculated based on a 365-day year or actual number of days in a loan term, providing a precise calculation of interest charges.
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