The ledger of Novak Company contains the following balances: Retained Earnings $$28,000,$ Dividends $$3,000,$ Service Revenue $$48,000,$ Salaries and Wages Expense $$26,000,$ and Supplies Expense $$7,000.$

Prepare the closing entries at December $31.($Credit account titles are automatically indented when amount is entered. Do not indent manually.$).$

Date Account Titles and Explanation

Debit

Credit

Dec. $31$

$($To close revenue account$)$

Dec. $31$

$($To close expense accounts$)$

Dec. $31$

$($To close net income$/($loss$))$

Dec. $31$