Question

The ledger of Rios Company contains the following balances: Retained Earnings $31,386; Dividends $1,485; Service Revenue...

The ledger of Rios Company contains the following balances: Retained Earnings $31,386; Dividends $1,485; Service Revenue $50,595; Salaries and Wages Expense $28,877; and Supplies Expense $7,978.

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

(To close revenue account.)
31

(To close expense accounts.)
31

(To close net income/ (loss).)
31

(To close dividends.)
Business   Accounting   
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The answer has been presented in the supporting sheet. For detailed answer refer to the supporting sheet.

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