accounting 4390562 2

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.

Salaries and Wages Expense
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