brief exercise 4 5 your answer is partially correct try again the ledger of rios com 587795
Aug 29, 2021 | Uncategorized
Brief Exercise 4 5
Your answer is partially correct. Try again.
The ledger of Rios Company contains the following balances: Owner’s Capital $30,000; Owner’s Drawings $2,000; Service Revenue $50,000; Salaries and Wages Expense $27,000; and Supplies Expense $7,000. The closing entries are as follows:
(1)
Close revenue accounts.
(2)
Close expense accounts.
(3)
Close net income/(loss).
(4)
Close drawings.
Post the closing entries in the order presented in the problem and use the numbers as a reference.