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The ledger of Rios Company contains the following balances: Owners Capital $30,000; Owners 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.

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. Prepare the closing entries at December 31.

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Dec 31 Income Summary 16 000 Owner s Capital 16 …View the full answer


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Accounting Principles

Accounting Principles

ISBN: 9781118566671

11th Edition

Authors: Jerry Weygandt, Paul Kimmel, Donald Kieso

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Question Details
Chapter # 4
Section: Brief Exercises
Problem: 4
Posted Date: January 30, 2014 00:57:37
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