In: Accounting
Presented below is income statement information of the Nebraska Corporation for the year ended December 31, 2018.
Sales Revenue | 836,000 | Cost of goods sold | 445,000 |
Salaries expense | 108,000 | Insurance expense | 38,000 |
Dividend revenue | 4,800 | Depreciation expense | 36,000 |
Miscellaneous | 30,000 | Income tax expense | 53,000 |
Loss on sale of investments | 9,800 | Rent expense | 28,000 |
Required:
Prepare the necessary closing entries at December 31, 2018. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
Record the entry to close the revenue and losses using the income summary.
Date | General Journal | Debit | Credit |
December 31, 2018 | |||
Record the entry to close the expense accounts using the income summary.
Date | General Journal | Debit | Credit |
December 31, 2018 | |||
Record the entry to close the income summary account.
Date | General Journal | Debit | Credit |
December 31, 2018 | |||