The ledger of Rios Company contains the following balances: Retained Earnings $31,081; Dividends $1,953; Service Revenue $51,238; Salaries and Wages Expense $25,647; and Supplies Expense $6,802.
The closing entries are as follows:
(1) Close revenue accounts.
(2) Close expense accounts.
(3) Close net income/(loss).
(4) Close dividends.
Post the closing entries in the order presented in the problem and use the numbers as a reference.