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

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