The ledger of Quentin Company contains the following balances: Owners Capital $30,000; Owners Drawings $2,000; Service Revenue

Question:

The ledger of Quentin 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. Prepare the closing entries at December 31.