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Question & Answer: revenue $620, 000 Cost of goods sold $355, 000 Salaries expen…..

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Presented below is income statement information of the Nebraska Corporation for the year ended December 31, 2013. Sales revenue $620, 000 Cost of goods sold $355, 000 Salaries expense 90, 000 Insurance expense 20, 000 Dividend revenue 3, 000 Depreciation expense 18, 000 Miscellaneous expense 12, 000 Income tax expense 35, 000 Loss on sale of investments 8, 000 Rent expense 10, 000 Required:

Expert Answer

 

Journal Entries
Particulars Dr Amt Cr Amt
Sales Revenues Dr                                                   620,000.00
Dividend Revenues Dr                                                        3,000.00
To Income Summary                 623,000.00
Income Summary Dr                                                   548,000.00
To Salaries expense                   90,000.00
To Misc expense                   12,000.00
To Loss on Sale of invt                      8,000.00
To COGS                 355,000.00
To Insurance expense                   20,000.00
To Depreciation Expense                   18,000.00
To Income Tax expense                   35,000.00
To rent expense                   10,000.00
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