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

Exercise 28

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.

What journal entry would be made to close the revenue accounts?
Analyze Online: Locate the Web site for CSX Corporation (www.csx.com). Click on CSX Corporation and then click on Investor Relations. Within the Financial Information link, find the most recent annual report.