Transcribed Image Text: The ledger of Martinez Company contains the following balances: Retained Earnings $31,000, Dividends $3,000, Service Revenue $49,000, Salaries and Wages Expense $27,500, and Supplies Expense $6,500. The

Transcribed Image Text: The ledger of Martinez Company contains the following balances: Retained Earnings $31,000, Dividends $3,000, Service Revenue
$49,000, Salaries and Wages Expense $27,500, and Supplies Expense $6,500.
The closing entries are as follows:
(1) Close revenue accounts.
(2) Close expense accounts.
(3) Close net income/(loss).
(4) Close dividends.
Enter the balances in T-accounts, and post the closing entries.
Salaries and Wages Expense
Bal.
Supplies Expense
Bal.
6500
6500
Service Revenue
49000
49000
Dividends
Bal.
3000
3000
Income Summary
49000
Retained Earnings
31000
(4)
15000
Bal.
43000
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