Question: Using the data in BE4-4, In BE4-4, The ledger of Rios Company contains the following balances: Owners Capital $30,000; Owners Drawings $2,000; Service Revenue $50,000;

Using the data in BE4-4, In BE4-4, 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.

Enter the balances in T-accounts, post the closing entries, and underline and balance the accounts.

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