Question

presented below is income statement information of the Nebraska corporation for the year ended December 31, 2018.
sales revenue 776,000
salaries expense 103,000
dividend revenue 4,300
miscellaneous expense 25,000
loss on sale of investments 9 300
cost of goods sold 420,000
insurance expense 33,000
depreciation expense 31,000
income tax expense 48,000
rent expense 23,000
prepare the necessary closing entries at December 31 2018. (if no entry is required for a transaction/event, select no journal entry required in the first account field.)
journal entry worksheet
1 record the entry to close the revenue and losses using the income summary
December 31 2018
2 record the entry to close the expense accounts using the incomesummary
December 31,2018
3 record the entry to close the income summary account
December 31 2018

Answer 1