The ledger of Grouper Company contains the following balances: Retained Earnings $28,000, Dividends $2,500, Service Revenue $48,000, Salaries and Wages Expense $29,000, and Supplies Expense $7,500. The closing entries are as follows: (1) Close revenue accounts. (2) Close expense accounts. (3) Close net income/(loss). (4) Close dividends.

The ledger of Grouper Company contains the following balances: Retained Earnings $28,000, Dividends $2,500, Service Revenue $48,000, Salaries and Wages Expense $29,000, and Supplies Expense $7,500. The closing entries are as follows: (1) Close revenue accounts. (2) (3) Close expense accounts. Close net income/(loss). Close dividends. (4) Enter the balances in T-accounts, and post the closing entries. Salaries and Wages Expense Bal. 29000 (2) 29000 Supplies Expense Bal. 7500 7500 Service Revenue (1) 48000 Bal. 48000 Dividends Bal. 2500 (4) 2500 Income Summary Retained Earnings