The ledger of Pharoah Company contains the following balances: Owner's Capital 529,000, Owner's Drawings $1.000, Service Revenue $50.000, Salaries and Wages Expense $25,400, and Supplies Expense $6,200. Prepare the closing entries at December 31. (Credit account titles are automatically indented when amount is entered. Do not indent manually Credit 8 | 50000 Date Account Titles and Explanation Dec. 31 Service Revenue Income Summary (To close revenue account) Dec 31 Income Summary Salaries and Wages Expense Supplies Expense (To close expense accounts) Dec 31 Income Summary 25400 6200 Owner's Capital (To close net income/ (loss)) Dec. 31 Owner's Capital 1000 Owner's Drawings (To close drawinos)