Presented below is income statement information of the Nebraska Corporation for the year ended December...
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Accounting
Presented below is income statement information of the Nebraska Corporation for the year ended December 31, 2018. Sales revenue 740,000 Cost of goods sold 405,000 Salaries expense 100,000 Insurance expense 30,000 Dividend revenue 4,000 Depreciation expense 28,000 Miscellaneous expense 22,000 Income tax expense 45,000 Loss on sale of investments 9,000 Rent expense 20,000
Record the entry to close the revenue and losses using the income summary.
Record the entry to close the expense accounts using the income summary.
Record the entry to close the income summary account.
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