CLOSING ENTRIES

Presented below is income statement information of the Schefter Corporation for the year ended December 31, 2023.

Sales revenue $502,000

Cost of goods sold 287,000

Salaries expense 70,000

Insurance expense 11,000

Interest revenue 5,000

Interest expense 6,500

Advertising expense 8,500

Income tax expense 24,000

Gain on sale of investments 8,600

Depreciation expense 23,000

Drawing 4,000

Required: Prepare the necessary closing entries on December 31, 2023.

Closing Entries Presented below is income statement information of the Schefter Corporation for the year ended December 31, 2023. Sales revenue $502,000 Cost of goods sold 287,000 Salaries expense 70,000 Insurance expense 11,000 Interest revenue 5,000 Interest expense 6,500 Advertising expense 8,500 Income tax expense 24,000 Gain on sale of investments 8,600 Depreciation expense 23,000 Drawing 4,000 Required: Prepare the necessary closing entries on December 31, 2023