Question

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. 


Enter the balances in the T-accounts, post the closing entries in the order presented in the problem and use the numbers as a


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Answer #1

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

Please ask if you have any query related to the question. Thank you

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