The ledger of Ivanhoe Company contains the following balances: Owner's Capital $31,800, Owner's Drawings $1,800, Service Revenue $50,000, Salaries and Wages Expense $25,600, and Supplies Expense $6,300. Prepare the closing entries at December 31. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Dec. 31 Service Revenue 50,000 Income Summary 50,000 (To close revenue account) Dec. 31 Income Summary Salaries and Wages Expense 25,600 Supplies Expense 6,300 (To close expense accounts) Dec. 31 Income Summary Owner's Capital (To close net income/ (loss)) Dec. 31 Owner's Capital Owner's Drawings (To close drawings)

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Audit Procedures

Audit Procedures are methods and techniques performed by the auditor to determine the quality of financial information of clients, thereby expressing an opinion on true & fair view of financial statements and entity position. They are identified and applied at the planning stage of audit after determining audit objectives, scope, approach, and risk assessment.