the income statement for Pepe serna company

Additional Brief Exercise 195 The income statement for Pepe Serna Company for the year ended December 31, 2018 is as follows: $58,000 3,000 PEPE SERNA COMPANY Income Statement For the Year Ended December 31, 2018 Revenues Sales revenue Interest revenue Total revenues Expenses Cost of goods sold $33,000 Salaries and wages expense 13,000 Interest expense 1,000 Total expenses $61,000 47,000 Net Income $14,000 Prepare the entries to close the revenue and expense accounts at December 31, 2018. (Credit account titles and manually.) Date Account Titles and Explanation Debit Credit Dec. 31 (To close revenue accounts) Dec. 31 (To dose expense accounts)