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In: Accounting

Presented below is income statement information of the Nebraska Corporation for the year ended December 31,...

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

Solutions

Expert Solution

Closing entries:

ekkarill92 answered 3 years ago
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