The ledger ofConcordCompany contains the following balances: Retained Earnings $28,000, Dividends $2,000, Service Revenue $48,000, Salaries and Wages Expense $26,000, 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.)

Date

Account Titles and Explanation

Debit

Credit

Dec. 31enter an account title to close revenue account

enter a debit amount

enter a credit amount

enter an account title to close revenue account

enter a debit amount

enter a credit amount

(To close revenue account)

Dec. 31enter an account title to close expense accounts

enter a debit amount

enter a credit amount

enter an account title to close expense accounts

enter a debit amount

enter a credit amount

enter an account title to close expense accounts

enter a debit amount

enter a credit amount

(To close expense accounts)

Dec. 31enter an account title to close net income or loss

enter a debit amount

enter a credit amount

enter an account title to close net income or loss

enter a debit amount

enter a credit amount

(To close net income/ (loss))

Dec. 31enter an account title to close dividends

enter a debit amount

enter a credit amount

enter an account title to close dividends

enter a debit amount

enter a credit amount

(To close dividends)