Income Statement For the Year Ended December 31, 2022 Revenues Sales revenue Interest revenue Total revenues Expenses Cost of goods sold $33,000 Salaries and wages expense 13,000 Interest expense 1,000 Total expenses Net Income Interest Revenue Prepare the entries to close the revenue and expense accounts at December 31, 2022. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Date Account Titles and Explanation Dec. 31 Sales Revenue Income Summary (To close revenue accounts) Dec. 31 Income Summary Cost of Goods Sold Salarles and Wages Expense $58,000 3,000 $61,000 Interest Expense (To close expense accounts) 47,000 $14,000 Debit 58,000 3,000 33,000 13,000 1,000 Credit 61,000 000

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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The income statement for Pepe Serna Company for the year ended December 31, 2022 is as follows:
PEPE SERNA COMPANY
Income Statement
For the Year Ended December 31, 2022
Revenues
Sales revenue
Interest revenue
Total revenues
Expenses
Cost of goods sold
Salaries and wages expense
Interest expense
Total expenses
Net Income
Dec. 31
Sales Revenue
Interest Revenue
Income Summary
$33,000
Cost of Goods Sold
13,000
Prepare the entries to close the revenue and expense accounts at December 31, 2022. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.)
Date Account Titles and Explanation
Dec. 31
Income Summary
(To close revenue accounts)
1,000
Interest Expense
Salarles and Wages Expense
$58,000
(To close expense accounts)
3,000
$61,000
47,000
$14,000
Debit
58,000
3,000
33,000
13,000
1,000
Credit
61,000
[[|]
Transcribed Image Text:The income statement for Pepe Serna Company for the year ended December 31, 2022 is as follows: PEPE SERNA COMPANY Income Statement For the Year Ended December 31, 2022 Revenues Sales revenue Interest revenue Total revenues Expenses Cost of goods sold Salaries and wages expense Interest expense Total expenses Net Income Dec. 31 Sales Revenue Interest Revenue Income Summary $33,000 Cost of Goods Sold 13,000 Prepare the entries to close the revenue and expense accounts at December 31, 2022. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Date Account Titles and Explanation Dec. 31 Income Summary (To close revenue accounts) 1,000 Interest Expense Salarles and Wages Expense $58,000 (To close expense accounts) 3,000 $61,000 47,000 $14,000 Debit 58,000 3,000 33,000 13,000 1,000 Credit 61,000 [[|]
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