Answered step by step
Verified Expert Solution
Question
1 Approved Answer
ok so normally I would just ask a tutor at school however school has been closed since Wed and this needs to get done I
ok so normally I would just ask a tutor at school however school has been closed since Wed and this needs to get done I have attempted to answer this the only way I know how and it said it was wrong and so I checked here and answered the Salaries Expense the way it is listed on several different posts but is is still telling me it is wrong.but everything else is correct. can someone help?
Exercise 2-14 (Algo) Closing entries [LO2-8] Presented below is income statement information of the Schefter Corporation for the year ended December 31, 2021. Sales revenue Salaries expense Interest revenue Advertising expense Gain on sale of investments Cost of goods sold Insurance expense Interest expense Income tax expense Depreciation expense $ 440,aca 62,560 5.000 9 250 16,500 242,022 10,250 3,000 27,500 15,000 Required: Prepare the necessary closing entries at December 31, 2021 (If no entry is required for a transaction/event, select "No journa required in the first account field.) View transaction list View journal entry worksheet x No Date General Journal Debit Credit Dec 31, 2021 Sales revenue Interest revenue Gain on sale of investments 440,000 5.000 6,500 2 Dec. 31. 2021 Salaries expense Advertising expense Cost of goods sold Insurance expense Interest expense Income tax expense Depreciation expense 62 500 9,250 242,000 10,250 3,000 27,500 15,000Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started