Presented below is income statement and dividend information of the Nebraska Corporation for the year ended December 31, 2021. Sales revenue $ 812,000 Cost of goods sold $ 435,000 Salaries expense 106,000 Insurance expense 36,000 Dividend revenue 4,600 Depreciation expense 34,000 Miscellaneous expense 28,000 Administrative expense 51,000 Loss on sale of investments 9,600 Rent expense 26,000 Dividends 21,000 Required: Prepare the necessary closing entries at December 31, 2021. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
Presented below is income statement and dividend information of the Nebraska Corporation for the year ended December 31, 2021. Sales revenue $ 812,000 Cost of goods sold $ 435,000 Salaries expense 106,000 Insurance expense 36,000 Dividend revenue 4,600 Depreciation expense 34,000 Miscellaneous expense 28,000 Administrative expense 51,000 Loss on sale of investments 9,600 Rent expense 26,000 Dividends 21,000 Required: Prepare the necessary closing entries at December 31, 2021. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Presented below is income statement and dividend information of the Nebraska Corporation for the year ended December 31, 2021.
| Sales revenue | $ | 812,000 | Cost of goods sold | $ | 435,000 | ||
| Salaries expense | 106,000 | Insurance expense | 36,000 | ||||
| Dividend revenue | 4,600 | 34,000 | |||||
| Miscellaneous expense | 28,000 | Administrative expense | 51,000 | ||||
| Loss on sale of investments | 9,600 | Rent expense | 26,000 | ||||
| Dividends | 21,000 | ||||||
Required:
Prepare the necessary closing entries at December 31, 2021. (If no entry is required for a transaction/event, select "No
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