accounting homework/see attachment
cmsaw
exercise_4-5.docxThe 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:
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(1) |
Close revenue accounts. |
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(2) |
Close expense accounts. |
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(3) |
Close net income/(loss). |
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(4) |
Close drawings. |
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Post the closing entries in the order presented in the problem and use the numbers as a reference.
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Salaries and Wages Expense |
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Supplies Expense |
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Service Revenue |
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Owner’s Drawings |
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Income Summary |
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Owner’s Capital |
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