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The ledger of Bramble Company contains the following balances. Retained Earnings $31,500, Dividends $1500, Service Revenue $50,000, Salaries and Wages Expense $28.500, and Supplies Expense

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The ledger of Bramble Company contains the following balances. Retained Earnings $31,500, Dividends $1500, Service Revenue $50,000, Salaries and Wages Expense $28.500, and Supplies Expense $8,000 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 T-accounts, and post the closing entries. Salaries and Wages Expense Bal. 28500 (2) 28500 Supplies Expense Bal. 8000 (2) 8000 Service Revenue (1) 50000 Bal 50000 Dividends Bally 1500 1500 Income Summary (2) 36500 (1) 50000 (3) Retained Earnings 1500 (4) Bal V 31500 Be M

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