Question Details

The income statement for Avery Company for the year 



The income statement for Avery Company for the year ended December 31, 2008 is as follows:
AVERY COMPANY
Income Statement
For the Year Ended December 31, 2008
Revenues
Sales.......................................................................................... $55,000
Interest revenue......................................................................... 3,000
Total revenues..................................................................... 58,000
Expenses
Cost of goods sold..................................................................... $36,000
Selling expenses ....................................................................... 7,000
Administrative expenses............................................................ 5,000
Interest expense ........................................................................ 1,000
Total expenses .................................................................... 49,000
Net income ............................................................................................ $ 9,000
Prepare the entries to close the revenue and expense accounts at December 31, 2008. You may
omit explanations for the transactions.




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