College Accounting 2nd Edition by David Haddock, John Price,Michael Farina

Exercise 14

In 2009, CSX Corporation, which operates under the name Surface Transportation, reported operating expenses of $6,756 million. A partial list of the company's operating expenses follows. CSX Corporation reported revenues from external customers to be $9,041 million for the year. These revenues are divided among two operations: intermodal and rail.

If the given categories represent the related general ledger accounts, what journal entry would be made to close the expense accounts at year-end?