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

 

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Presented below is income statement information of the Schefter Corporation for the year ended December 31, 2023. Sales revenue $502,000 Cost of goods sold 287,000 Salaries expense 70,000 Insurance expense 11,000 Interest revenue 5,000 Interest expense 6,500 Advertising expense 8,500 Income tax expense 24,000 Gain on sale of investments 8,600 Depreciation expense 23,000 Drawing 4,000 Required: Prepare the necessary closing entries in December 31, 2023. Presented below is income statement information of the Schefter Corporation for the year ended December 31, 2023. Sales revenue $502,000 Cost of goods sold 287,000 Salaries expense 70,000 Insurance expense 11,000 Interest revenue 5,000 Interest expense 6,500 Advertising expense 8,500 Income tax expense 24,000 Gain on sale of investments 8,600 Depreciation expense 23,000 Drawing 4,000 Required: Prepare the necessary closing entries in December 31, 2023.

Answer rating: 100% (QA)

Closing Entry 1 Close Revenue Accounts Date Account Debit Credit 1231202... View the full answer