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:
| 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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