Hello,

Please review the Journal Entry that I am working on. Please correct if nec.

Presented below is income statement and dividend information of the Nebraska Corporation for the year ended December 31, 2021.

Sales revenue	$	764,000		Cost of goods sold	$	415,000
Salaries expense		102,000		Insurance expense		32,000
Dividend revenue		4,200		Depreciation expense		30,000
Miscellaneous expense		24,000		Administrative expense		47,000
Loss on sale of investments		9,200		Rent expense		22,000
Dividends		17,000

Required: Prepare the necessary closing entries at December 31, 2021. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

Journal entry worksheet

• Record the entry to close the revenue accounts.

Note: Enter debits before credits.

Date	General Journal	Debit	Credit
December 31, 2021	Sales revenue	764,000
	Dividend revenue	4,200
	Retained earnings		768,200

Journal entry worksheet

• Record the entry to close the expense and loss accounts.

Note: Enter debits before credits.

Date	General Journal	Debit	Credit
December 31, 2021	Retained earnings	681,200
	Salaries expense		102,000
	Miscellaneous expense		24,000
	Loss on sale of investments		9,200
	Cost of goods sold		415,000
	Insurance expense		32,000
	Accumulated depreciation		30,000
	Administrative expense		47,000
	Rent expense		22,000

Journal entry worksheet

• Record the entry to close the dividends account.

Note: Enter debits before credits.

Date	General Journal	Debit	Credit
December 31, 2021	Retained earnings	17,000
	Dividends		17,000