Thursday, 7 May 2015

Presented below is income statement information of the Schefter Corporation for the year ended December 31, 2013.

Presented below is income statement information of the Schefter Corporation for the year ended December 31, 2013.

     
  Sales revenue $ 492,000  
  Salaries expense   80,000  
  Interest revenue   6,000  
  Advertising expense   10,000  
  Gain on sale of investments   8,000  
  Cost of goods sold   284,000  
  Insurance expense   12,000  
  Interest expense   4,000  
  Income tax expense   30,000  
  Depreciation expense   20,000  


Required:
Prepare the necessary closing entries at December 31, 2013. (If no entry is required for a particular transaction, select "No journal entry required" in the first account field.)
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Explanation: