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The ledger of Rios Company contains the following balances: Retained Earnings $31,386; Dividends $1,485; Service Revenue $50,595; Salaries and Wages Expense $28,877; and Supplies Expense
The ledger of Rios Company contains the following balances: Retained Earnings $31,386; Dividends $1,485; Service Revenue $50,595; Salaries and Wages Expense $28,877; and Supplies Expense $7,978. 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.) | |||
31 | |||
(To close expense accounts.) | |||
31 | |||
(To close net income/ (loss).) | |||
31 | |||
(To close dividends.) |
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