Brief Exercise 4-5 Your answer is partially correct. Try again. The ledger of Ayayai Company contains the following balances: Retained Earnings $28,000; Dividends $1,000; Service Revenue $48,000; Salaries and Wages Expense $25,000; and Supplies Expense $6,000 The closing entries are as follows (1) Close revenue accounts. (2) Close expense accounts. (3) Close net income/(loss). (4) Close dividends. Enter the balances in the T-accounts, post the closing entries in the order presented in the problem and use the numbers as a reference. Salaries and Wages Expense Bal. 25,000(2) 25,000 Supplies Expense Bal. 6,00 (2) #3 6,000 Service Revenue 48,000 Bal. 48,0001 Bal. Dividends Supplies Expense 6,000 (2) Bal. 6,000 Service Revenue 48,000 Bal. 3 48,000 Bal. Dividends 1000 1000(4) Bal. income summary 17000 17000 Retained Earnings 6000 25000Bal. 31000 Bal