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What are the closing entries? Presented below is income statement and dividend information of the Nebraska Corporation for the year ended December 31, 2021. Sales
What are the closing entries?
Presented below is income statement and dividend information of the Nebraska Corporation for the year ended December 31, 2021. Sales revenue Salaries expense Dividend revenue Miscellaneous expense Loss on sale of investments Dividends $824,000 107.000 4,700 29.090 9,700 22,000 Cost of goods sold Insurance expense Depreciation expense Administrative expense Rent expense $440,000 37,000 35,000 52,899 27,000 Required: Prepare the necessary closing entries at December 31, 2021. (If no entry is required for a transaction/event, select "No journal entry required in the first account field.)Step by Step Solution
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