Morgan Realty Reported the Following Accounts on Its Income Statement

Morgan Realty reported the following accounts on its income statement: $$\begin{array} { l r } \text { Commissions Earned } & \$ 83,000 \\\text { Travel and Entertainment } & 4,500 \\\text { Real Estate Board Fees Paid } & 8,000 \\\text { Insurance Expired } & 780 \\\text { Computer Line Charge } & 765 \\\text { Advertising Expense } & 1,460 \\\text { Depreciation on Computer } & 450 \\\text { Office Supplies Used } & 940 \\\text { Car Expenses } & 2,200\end{array}$$
Required
1.List which accounts are temporary and will be zeroed out during the closing process.
2.Explain why the closing entries are necessary and when they should be recorded.