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Question - The income statement for Pierre Paul Company for the year ended December 31, 2020 is as follows:
PIERRE PAUL COMPANY Income Statement For the Year Ended December 31, 2020
Revenues
Sales revenue $53,000
Interest revenue 4,000
Total revenues $57,000
Expenses
Cost of goods sold 30,000
Salaries and wages expense 18,000
Interest expense 1,500
Total expenses 49,500
Net Income $7,500
Required - Prepare the entries to close the revenue and expense accounts at December 31, 2020.
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