Refer to Spin Master’s income statement in Appendix III at the end of the book. What journal entry was recorded as of December 31, 2020 to close the revenue account?

Transcribed Image Text:

This appendix includes financial statement information from Spin Master Corporation, Recipe Unlimited Corporation, and Indigo Books & Music Inc. All of this information is taken from their annual reports. An annual report is a summary of the financial results of a company's operations for the year and its future plans. It is directed at external users of financial information, but also affects actions of internal users. An annual report is also used by a company to showcase itself and its products. Many include attractive pictures, diagrams, and illustrations related to the company. But the financial section is its primary objective. This section communicates much information about a company, with most data drawn from the accounting information system. This appendix includes the auditor's report and financial statements for Spin Master Corp., Recipe Unlimited Corporation, and Indigo Books & Music Inc. Links are provided for readers to refer to the full annual reports, including the notes to the financial statements. There are questions at the end of each chapter that refer to information in this appendix. We encourage readers to spend extra time with these questions as they are especially useful in reinforcing and showing the relevance and diversity of financial reporting. More current financial information about these and other Canadian corporations can be found online at www.sedar.com.