Brief Exercise 4-5 | | 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
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