Close revenue accounts, Close revenue accounts.

Close revenue accounts

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Reference no: EM13330213

The ledger of Rios Company contains the following balances: Retained Earnings $31,081; Dividends $1,953; Service Revenue $51,238; Salaries and Wages Expense $25,647; and Supplies Expense $6,802.
The closing entries are as follows:

(1) Close revenue accounts.

(2) Close expense accounts.

(3) Close net income/(loss).

(4) Close dividends.

Post the closing entries in the order presented in the problem and use the numbers as a reference.

Reference no: EM13330213

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