The ledger of Rios Company contains the following balances: Owner’s Capital $28,783; Owner’s Drawings $1,397; Service Revenue $50,691; Salaries and Wages Expense $26,061; and Supplies Expense $7,707

The ledger of Rios Company contains the following balances: Owner’s Capital $28,783; Owner’s Drawings $1,397; Service Revenue $50,691; Salaries and Wages Expense $26,061; and Supplies Expense $7,707.

Prepare the closing entries at December 31. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)

DateAccount Titles and ExplanationDebitCreditDec. 31  (To close revenue account.)  31   (To close expense accounts.)  31  (To close net income/ (loss).)  31  (To close drawings.)