The income statement for Pepe Serna Company for the year ended December 31, 2018 is as follows: Prepare the entries to close the revenue and expense accounts at December 31, 2018. You may omit explanations for the transactions.

Question

The income statement for Pepe Serna Company for the year ended December 31, 2018 is as follows:  Prepare the entries to close the revenue and expense accounts at December 31, 2018. You may omit explanations for the transactions.

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The Answer of The income statement for Pepe Serna Company for the year ended December 31, 2018 is as follows:  Prepare the entries to close the revenue and expense accounts at December 31, 2018. You may omit explanations for the transactions.

The Income Statement for Pepe Serna Company for the Year