The ledger of Pronghorn Company contains the following balances: Retained Earnings $30,000, Dividends $3,000, Service Revenue $50,000, Salaries and Wages Expense $27,000, and Supplies Expense $8,000. Prepare the closing entries at December 31. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Date Dec. 31 Dec. 31 Account Titles and Explanation Dec. 31 Service Revenue Income Summary (To close revenue account) Income Summary Salaries and Wages Expense Supplies Expense (To close expense accounts) Debit 50,000 Credit 50,000 27,000 8,000

The ledger of Pronghorn Company contains the following balances: Retained Earnings $30,000, Dividends $3,000, Service Reventue $50,000, Salaries and Wages Expense $27,000, and Supplies Expense $8,000. Prepare the closing entries at December 31 (Credit occount tities are outomotically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the occount titles and enter O for the amounts.)