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The ledger of Swann Company contains the following balances: Retained Earnings $30,000; Dividends $2,000; Service Revenue $50,000; Salaries Expense...

The ledger of Swann Company contains the following balances: Retained Earnings
$30,000; Dividends $2,000; Service Revenue $50,000; Salaries Expense $27,000; and Supplies
Expense $4,000. Prepare the closing entries at December 31.

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Closing adjustment Entries :
S.No Description Debit ($) 01. Income Summary 30000.00 Retained Earnings
02. Dividends 30000.00
2000.00 Dividend Payable
03. Service revenue receivable 2000.00
50000.00...

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