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The ledger of Rios Company contains the following balances:
Owner’s Capital $28,783; Owner’s Drawings $1,397; Service
Revenue $50,691; Salaries and Wages Expense $26,061; and
Supplies Expense $7,707.
Prepare the closing entries at December 31.
(Credit account titles are automatically indented when amount
is entered. Do not indent manually.)
Date
Account Titles and Explanation
Debit
Credit
Dec. 31
[removed]
[removed]
[removed]
[removed]
[removed]
[removed]
(To close revenue account.)
31
[removed]
[removed]
[removed]
[removed]
[removed]
[removed]
[removed]
[removed]
[removed]
(To close expense accounts.)
31
[removed]
[removed]
[removed]
[removed]
[removed]
[removed]
(To close net income/ (loss).)
31
[removed]
[removed]
[removed]
[removed]
[removed]
[removed]
(To close drawings.)

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The ledger of Rios Company contains the following balances Owner’s .docx

  • 1. The ledger of Rios Company contains the following balances: Owner’s Capital $28,783; Owner’s Drawings $1,397; Service Revenue $50,691; Salaries and Wages Expense $26,061; and Supplies Expense $7,707. Prepare the closing entries at December 31. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Dec. 31 [removed] [removed] [removed] [removed] [removed] [removed] (To close revenue account.) 31 [removed] [removed] [removed] [removed] [removed] [removed] [removed] [removed] [removed]
  • 2. (To close expense accounts.) 31 [removed] [removed] [removed] [removed] [removed] [removed] (To close net income/ (loss).) 31 [removed] [removed] [removed] [removed] [removed] [removed] (To close drawings.)