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The ledger of Crane Company contains the following balances: Owner's Capital $29,200, Owner's Drawings $1,100. Service Revenue $51,000, Salaries and Wages Expense $25,400, and
The ledger of Crane Company contains the following balances: Owner's Capital $29,200, Owner's Drawings $1,100. Service Revenue $51,000, Salaries and Wages Expense $25,400, and Supplies Expense $6,900. The closing entries are as follows: (1) Close revenue accounts. (2) Close expense accounts. (3) Close net income/(loss). (4) Close drawings.
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