The income statement for Pepe Serna Company for the year ended December 31, 2022 is as follows:PEPE SERNA COMPANYIncome StatementFor the Year Ended December 31, 2022RevenuesSales revenueInterest revenueExpensesTotal revenuesCost of goods soldSalaries and wages expenseInterest expenseNet IncomeDec. 31Total expensesDec. 31$33,00013,0001,000Prepare 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(To close revenue accounts)$58,0003,000$61,000(To close expense accounts)47,000$14,000DebitCreditIll

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Answered: The income statement for Pepe Serna…

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

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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