the ledger of rios company contains the following balances owner s capital 30 000 ow 736996
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
Total(1)(4)Bal.(2)(3)
(4)(1)Total(2)(3)Bal.
Supplies Expense
(2)(4)(3)Bal.Total(1)
(1)Bal.(3)(4)(2)Total
Service Revenue
(1)Bal.(4)(2)Total(3)
(2)(1)Bal.Total(3)(4)
Owner’s Drawings
(3)(4)Total(2)Bal.(1)
(4)(1)Bal.(3)Total(2)
Income Summary
(2)(4)Bal.(3)(1)Total
(1)(2)(3)Total(4)Bal.
Bal.(1)(2)(4)(3)Total
Bal.(1)Total(2)(3)(4)
(1)(3)(4)(2)TotalBal.
(4)(2)Total(3)Bal.(1)
Owner’s Capital
(2)(3)Bal.(4)Total(1)
Bal.(1)(2)(4)(3)Total
Bal.(2)(3)(1)(4)Total
Total(4)Bal.(3)(1)(2)
TotalBal.(1)(2)(3)(4)
(1)Bal.(4)Total(2)(3)
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
Total(1)(4)Bal.(2)(3)
(4)(1)Total(2)(3)Bal.
Supplies Expense
(2)(4)(3)Bal.Total(1)
(1)Bal.(3)(4)(2)Total
Service Revenue
(1)Bal.(4)(2)Total(3)
(2)(1)Bal.Total(3)(4)
Owner’s Drawings
(3)(4)Total(2)Bal.(1)
(4)(1)Bal.(3)Total(2)
Income Summary
(2)(4)Bal.(3)(1)Total
(1)(2)(3)Total(4)Bal.
Bal.(1)(2)(4)(3)Total
Bal.(1)Total(2)(3)(4)
(1)(3)(4)(2)TotalBal.
(4)(2)Total(3)Bal.(1)
Owner’s Capital
(2)(3)Bal.(4)Total(1)
Bal.(1)(2)(4)(3)Total
Bal.(2)(3)(1)(4)Total
Total(4)Bal.(3)(1)(2)
TotalBal.(1)(2)(3)(4)
(1)Bal.(4)Total(2)(3)