Weygandt, Financial Accounting, 10e Help I System Announcements Brief Exercise 4-5 Your answer is partially correct. Try again. The ledger of Concord Company contains the following balances: Retained Earn ings $31,500; Dividends $1,500; Service Revenue $51,000; Salaries and Wages Expense $27,000; and Supplies Expense $6,000. The closing entries are as follows: (1) Close revenue accounts. (2) Close expense accounts. (3) Close net income/(loss). (4) Close dividends. Enter the ba lances in the T-accounts, po st the closing entries in the order presented in the problem and use the numbers as a reference. Salaries and Wages Expense