The income statement for Avery Company for the year ended December 31, 2008 is as follows:...

 

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The income statement for Avery Company for the year ended December 31, 2008 is as follows: AVERY COMPANY Income Statement For the Year Ended December 31, 2008 Revenues Sales Interest revenue. Total revenues Expenses Cost of goods sold. Selling expenses.. Administrative expenses. Interest expense Total expenses. $36,000 7,000 5,000 1,000 $55,000 3,000 58,000 49,000 $9.000 Net income... Prepare the entries to close the revenue and expense accounts at December 31, 2008. You may omit explanations for the transactions. The income statement for Avery Company for the year ended December 31, 2008 is as follows: AVERY COMPANY Income Statement For the Year Ended December 31, 2008 Revenues Sales Interest revenue. Total revenues Expenses Cost of goods sold. Selling expenses.. Administrative expenses. Interest expense Total expenses. $36,000 7,000 5,000 1,000 $55,000 3,000 58,000 49,000 $9.000 Net income... Prepare the entries to close the revenue and expense accounts at December 31, 2008. You may omit explanations for the transactions.

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Answer 1 Account Farley Company 90000 ... View the full answer