Management InfoSys Incorporated had the following account balances at year end.
$$\begin{array} { l r l r }
\text { Sales } & \$ 950,000 & \text { Rent Expense } & \$ 115,000 \
\text { Salaries Expense } & 435,000 & \text { Utilities Expense } & 11,000 \
\text { Dividend Revenue } & 5,500& \text { Depreciation Expense } & 26,500 \
\text { Interest Expense } & 9,500 &\text { Income Tax Expense } & 40,000 \
\text { Gain on Sale of Equipment } & 6,000 &\text { Insurance Expense } & 22,000
\end{array}$$ Required: Prepare the closing entries at December 31.

Question

Management InfoSys Incorporated had the following account balances at year end.
 $$\begin{array} { l r l r } 
\text { Sales } & \$ 950,000 & \text { Rent Expense } & \$ 115,000 \
\text { Salaries Expense } & 435,000 & \text { Utilities Expense } & 11,000 \
\text { Dividend Revenue } & 5,500& \text { Depreciation Expense } & 26,500 \
\text { Interest Expense } & 9,500 &\text { Income Tax Expense } & 40,000 \
\text { Gain on Sale of Equipment } & 6,000 &\text { Insurance Expense } & 22,000
\end{array}$$ Required: Prepare the closing entries at December 31.

Quizplus · Accepted Answer

The Answer of Management InfoSys Incorporated had the following account balances at year end.
 $$\begin{array} { l r l r } 
\text { Sales } & \$ 950,000 & \text { Rent Expense } & \$ 115,000 \
\text { Salaries Expense } & 435,000 & \text { Utilities Expense } & 11,000 \
\text { Dividend Revenue } & 5,500& \text { Depreciation Expense } & 26,500 \
\text { Interest Expense } & 9,500 &\text { Income Tax Expense } & 40,000 \
\text { Gain on Sale of Equipment } & 6,000 &\text { Insurance Expense } & 22,000
\end{array}$$ Required: Prepare the closing entries at December 31.

Management InfoSys Incorporated Had the Following Account Balances at Year