The income statement for Pierre Paul Company for the year ended Decembber 31, 2016 is as follows:

Pierre Paul Company

Income Statement

For the Year ended December 31, 2016

Revenues

Sales Revenue $53,000

Interest Revenue $4,000

Total Revenues $57,000

Expenses

Cost of goods sold $30,000

Salaries and wages expense $18,000

Interest Expense $1,500

Total expenses $49,500

Net Income $7,500

Prepare the entries to close the revenue and expense accounts at December 31, 2016. You may omit explanations for the transactions.

Answer:

Revenue:

Expenses: