The ledger of Swifty Company contains the following balances: Retained Earnings $30,000, Dividends $1,000, Service Revenue $49,000, Salaries and Wages Expense $26,000, and Supplies Expense $6,000. Prepare the closing entries at December 31. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts) Date Account Titles and Explanation Debit Credit Dec. 31 (To close revenue account) Dec. 31 (To close expense accounts) Dec. 31
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From the given information, it is mentioned that we need to close the expense accounts. However, the specific expense accounts are not provided. Therefore, we will assume that there are multiple expense accounts and we need to close all of them. Show more…
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