In 2015, CSX Corporation, which operates under the name Surface Transportation, reported operating expenses of $8,227 million.
Question:
Consolidated Income Statement
(Dollars in millions)
Revenue...................................................$11,811
Operating Expenses
(Dollars in millions)
Labor and Fringe Benefits...............................$3,290
Materials, Supplies, and Other...........................2,336
Fuel............................................................957
Depreciation................................................1,208
Equipment and Other Rents................................436
Analyze:
1. If the given categories represent the related general ledger accounts, what journal entry would be made to close the expense accounts at year-end?
2. What journal entry would be made to close the revenue accounts?
Consolidated Income Statement
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Related Book For
College Accounting A Contemporary Approach
ISBN: 978-0077639730
4th edition
Authors: David Haddock, John Price, Michael Farina
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