The ledger of Martinez Company contains the following balances: Retained Earnings $31,00O, Dividends $3,000, Service Revenue $49,000, Salaries and Wages Expense $27,500, and Supplies Expense $6,500. 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 T-accounts, and post the closing entries. Salaries and Wages Expense Supplies Expense Service Revenue Dividends Income Summary Retained Earnings >

The ledger of Martinez Company contains the following balances: Retained Earnings $31,00O, Dividends $3,000, Service Revenue $49,000, Salaries and Wages Expense $27,500, and Supplies Expense $6,500. 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 T-accounts, and post the closing entries. Salaries and Wages Expense Supplies Expense Service Revenue Dividends Income Summary Retained Earnings >

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter3: Analyzing And Recording Transactions

Section: Chapter Questions

Problem 4EA: Identify the financial statement on which each of the following accounts would appear: the income...

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