Current Attempt in Progress Service Revenue

Owner's Drawings

Income Summary

The ledger of Ivanhoe Company contains the following balances: Owner's Capital $$31,200,$ Owner's Drawings $$1,200,$ Service

Revenue $$48,000,$ Salaries and Wages Expense $$25,500,$ and Supplies Expense $$6,600.$

The closing entries are as follows:

$(1)$ Close revenue accounts.

$(2)$ Close expense accounts.

$(3)$ Close net income$/($loss$).$

$(4)$ Close drawings.

Enter the balances in T$-$accounts, post the closing entries in the order presented in the problem and use the numbers as a reference.

Salaries and Wages Expense

Supplies Expense

Service Revenue