Question

Brief Exercise 4-4 Z Your answer is partially correct. Try again. The ledger of Rios Company contains the following balances: Retained Earnings $31,379; Dividends $2,180; Service Revenue $50,406; Salaries and Wages Expense $25,982; and Supplies Expense $7,498. Prepare the closing entries at December 31. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit Date Dec. 31 Tservice Revenue 50,406 Income Summary 50,406 (To close revenue account.) 31 Tincome Summary 31,300 Salaries and Wages Exp 25,982 Supplies Expense 7,498 (To close expense accounts.) 31 TIncome Summary 31,300 Retained Earnings 31,379 (To close net income/ (loss).) 31 TRetained Earnings 2,180 Dividends 2,180 (To close dividends.)

Answer 1

Date	Account Titles	Debit	Credit
Dec 31	Service Revenue	50406
			50406
31	Income summary	33480
	Salaries and wages expense		25982
	Supplies expense		7498
31	Income summary	16926
	Retained earnings		16926
	[50406-33480]
31	Retained earnings	2180
	Dividends		2180