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The ledger of Sunland Company contains the following balances: Owner's Capital $28,900, Owner's Drawings $2,100, Service Revenue $51,000, Salaries and Wages Expense $26,400, and Supplies
The ledger of Sunland Company contains the following balances: Owner's Capital $28,900, Owner's Drawings $2,100, Service Revenue $51,000, Salaries and Wages Expense $26,400, and Supplies Expense $7,100. The closing entries are as follows: (1) (2) Close expense accounts. (3) Close net income/(loss). (4) Close drawings. Close revenue accounts. Enter the balances in T-accounts, post the closing entries in the order presented in the problem and use the numbers as a reference. Salaries and Wages Expense Supplies Expense.
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