The ledger of Rios Company contains the following balances: Owner’s Capital $30,000; Owner’s Drawings $2,000; Service Revenue $50,000; Salaries and Wages Expense $27,000; and Supplies Expense $7,000.
The closing entries are as follows:
(1) | Close revenue accounts. | |
(2) | Close expense accounts. | |
(3) | Close net income/(loss). | |
(4) | Close drawings. |
Post the closing entries in the order presented in the problem and use the numbers as a reference.
Salaries and Wages Expense
|
||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
[removed]
|
WhatsApp us