CLOSING ENTRIES Presented below is income statement information of the Schefter Corporation for the year...
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Accounting
CLOSING ENTRIES
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 on December 31, 2023.
Closing Entries 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 on December 31, 2023
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