signment
ES
Brief Exercise 4-5
CALCULATOR FULL SCREEN PRINTER VERSION BACK NEXT
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The ledger of Rios Company contains the following balances: Retained Earnings $31,818; Dividends $2,431; Service
Revenue $48,557; Salaries and Wages Expense $28,792; and Supplies Expense $7,536.
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.
Salaries and Wages Expense
Bal.
28792
Bal.
2879
Supplies Expense
(2)
7536
(2)
7536
Service Revenue
48557
Dividends
(4)
4231
(4)
2431
Income Summary
(2)
36328
(1)
48557
(2)
7536
(2)
7536
Bal.
2431
Bal.
2431
Retained Earnings
(4)
2431
(4)
2431
Bal.
9798
Bal.
9798
Total
12229
Total
12229
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