Presented below is income statement and dividend information of the Nebraska Corporation for the year ended December 31, 2024. Sales revenue $ 788,000 Cost of goods sold $ 425,000 Salaries expense 104,000 Insurance expense 34,000 Dividend revenue 4,400 Depreciation expense 32,000 Miscellaneous expense 26,000 Administrative expense 49,000 Loss on sale of investments 9,400 Rent expense 24,000 Dividends 19,000 Required: Prepare the necessary closing entries at December 31, 2024. Note: 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, 2024. Sales revenue $ 788,000 Cost of goods sold $ 425,000 Salaries expense 104,000 Insurance expense 34,000 Dividend revenue 4,400 Depreciation expense 32,000 Miscellaneous expense 26,000 Administrative expense 49,000 Loss on sale of investments 9,400 Rent expense 24,000 Dividends 19,000 Required: Prepare the necessary closing entries at December 31, 2024. Note: 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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Presented below is income statement and dividend information of the Nebraska Corporation for the year ended December 31, 2024.
| Sales revenue | $ 788,000 | Cost of goods sold | $ 425,000 |
| Salaries expense | 104,000 | Insurance expense | 34,000 |
| Dividend revenue | 4,400 | 32,000 | |
| Miscellaneous expense | 26,000 | Administrative expense | 49,000 |
| Loss on sale of investments | 9,400 | Rent expense | 24,000 |
| Dividends | 19,000 |
Required:
Prepare the necessary closing entries at December 31, 2024.
Note: If no entry is required for a transaction/event, select "No
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