Additional Brief Exercise 195 The income statement for Pepe Serna Company for the year ended December...
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Additional Brief Exercise 195 The income statement for Pepe Serna Company for the year ended December 31, 2018 is as follows: Revenues Sales revenue Interest revenue Expenses Net Income Cost of goods sold Salaries and wages expense Interest expense PEPE SERNA COMPANY Income Statement For the Year Ended December 31, 2018 Date Dec. 31 Total revenues Dec. 31 Total expenses Prepare the entries to close the revenue and expense accounts at December 31, 2018. (Credit account titles are manually.) Account Titles and Explanation (To close revenue accounts) $33,000 13,000 1,000 (To close expense accounts) $58,000 3,000 $61,000 47,000 $14,000 Debit Credit Additional Brief Exercise 195 The income statement for Pepe Serna Company for the year ended December 31, 2018 is as follows: Revenues Sales revenue Interest revenue Expenses Net Income Cost of goods sold Salaries and wages expense Interest expense PEPE SERNA COMPANY Income Statement For the Year Ended December 31, 2018 Date Dec. 31 Total revenues Dec. 31 Total expenses Prepare the entries to close the revenue and expense accounts at December 31, 2018. (Credit account titles are manually.) Account Titles and Explanation (To close revenue accounts) $33,000 13,000 1,000 (To close expense accounts) $58,000 3,000 $61,000 47,000 $14,000 Debit Credit
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Related Book For
Horngrens Financial and Managerial Accounting The Financial Chapters
ISBN: 978-0134486857
6th edition
Authors: Tracie L. Miller Nobles, Brenda L. Mattison, Ella Mae Matsumura
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