The ledger of Riverbed Company contains the following balances
The ledger of Riverbed Company contains the following balances: Retained Earnings $29,000; Dividends $2,500: Service Revenue $51.500, Salaries and Wages Expense $28.500; 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 dividends.
Enter the balances in the T-accounts, post the closing entries in the order presented in the problem and use the numbers as a reference.
Homework Answers
Service revenue = $51,500
Salaries and wages expense = $28,500
Supplies expense = $7,000
Net income = Service revenue - Salaries and wages expense - Supplies expense
= 51,500 - 28,500 - 7,000
= $16,000
Thus, balance in income summary = $16,000
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