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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 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

FINANCIAL ACCOUNTING
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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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

 

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