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Do the closing entries at december and why

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The ledger of Rios Company contains the following balances: Retained Earnings $30,000, Dividends $2,000, Service Revenue $50,000, Salaries and Wages Expense $27,000, and Supplies Expense $7,000.

Problem 1: Do the closing entries at December 31.

Problem 2: Enter the balances in T-accounts, post the closing entries, and underline and balance the accounts.

Reference no: EM132729895

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