The ledger of Rios Company contains the following balances: Retained Earnings $28,000; Dividends $3,000; Service...
60.1K
Verified Solution
Link Copied!
Question
Accounting
The ledger of Rios Company contains the following balances: Retained Earnings $28,000; Dividends $3,000; Service Revenue $49,000; Salaries and Wages Expense $26,000; and Supplies Expense $7,000. Prepare the closing entries at December 31. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)
| Date | Account Titles and Explanation | Debit | Credit |
| Dec. 31 |
|
|
|
|
|
|
| |
| (To close revenue account) | |||
| Dec. 31 |
|
|
|
|
|
|
| |
|
|
|
| |
| (To close expense accounts) | |||
| Dec. 31 |
|
|
|
|
|
|
| |
| (To close net income/ (loss)) | |||
| Dec. 31 |
|
|
|
|
|
|
| |
| (To close dividends) |
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
- Unlimited Question Access with detailed Answers
- Zin AI - 3 Million Words
- 10 Dall-E 3 Images
- 20 Plot Generations
- Conversation with Dialogue Memory
- No Ads, Ever!
- Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Other questions asked by students
StudyZin's Question Purchase
1 Answer
$0.99
(Save $1 )
One time Pay
- No Ads
- Answer to 1 Question
- Get free Zin AI - 50 Thousand Words per Month
Best
Unlimited
$4.99*
(Save $5 )
Billed Monthly
- No Ads
- Answers to Unlimited Questions
- Get free Zin AI - 3 Million Words per Month
*First month only
Free
$0
- Get this answer for free!
- Sign up now to unlock the answer instantly
You can see the logs in the Dashboard.