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es Presented below is income statement information of the Schefter Corporation for the year ended December 31, 2024. Sales revenue Salaries expense Interest revenue Advertising expense Gain on sale of investments Cost of goods sold Insurance expense Interest expense Income tax expense Depreciation expense $ 408,000 52,500 4,200 8,250 5,300 224,400 8,450 2,600 21,500 11,000 Required: Prepare the necessary closing entries on December 31, 2024. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. View transaction list Journal entry worksheet < 1 2 Record the entry to close the revenue accounts. Note: Enter debits before credits. Date December 31, 2024 General Journal Debit Credit >

es Presented below is income statement information of the Schefter Corporation for the year ended December 31, 2024. Sales revenue Salaries expense Interest revenue Advertising expense Gain on sale of investments Cost of goods sold Insurance expense Interest expense Income tax expense Depreciation expense $ 408,000 52,500 4,200 8,250 5,300 224,400 8,450 2,600 21,500 11,000 Required: Prepare the necessary closing entries on December 31, 2024. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. View transaction list Journal entry worksheet < 1 2 Record the entry to close the revenue accounts. Note: Enter debits before credits. Date December 31, 2024 General Journal Debit Credit >

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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es Presented below is income statement information of the Schefter Corporation for the year ended December 31, 2024. Sales revenue Salaries expense Interest revenue Advertising expense Gain on sale of investments Cost of goods sold Insurance expense Interest expense Income tax expense Depreciation expense $ 408,000 52,500 4,200 8,250 5,300 224,400 8,450 2,600 21,500 11,000 Required: Prepare the necessary closing entries on December 31, 2024. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. View transaction list Journal entry worksheet < 1 2 Record the entry to close the revenue accounts. Note: Enter debits before credits. Date December 31, 2024 General Journal Debit Credit >
Transcribed Image Text:es Presented below is income statement information of the Schefter Corporation for the year ended December 31, 2024. Sales revenue Salaries expense Interest revenue Advertising expense Gain on sale of investments Cost of goods sold Insurance expense Interest expense Income tax expense Depreciation expense $ 408,000 52,500 4,200 8,250 5,300 224,400 8,450 2,600 21,500 11,000 Required: Prepare the necessary closing entries on December 31, 2024. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. View transaction list Journal entry worksheet < 1 2 Record the entry to close the revenue accounts. Note: Enter debits before credits. Date December 31, 2024 General Journal Debit Credit >
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