Stylist Services Co. offers its services to individuals desiring to improve their personal images. After the accounts have been adjusted at July 31

Stylist Services Co. offers its services to individuals desiring to improve their personal images. After the accounts have been adjusted at July 31, the end of the fiscal year, the following balances were taken from the ledger of Stylist Services Co.:

Marlena Fenton, Capital $1,060,000
Rent Expense $60,000
Marlena Fenton, Drawing 75,000
Supplies Expense 19,500
Fees Earned 618,200
Miscellaneous Expense 6,150
Wages Expense 388,400

Journalize the two entries required to close the accounts.


Answers:

 July 31 Fees Earned618,200
Wages Expense388,400
Rent Expense60,000
Supplies Expense19,500
Miscellaneous Expense6,150
Marlena Fenton, Capital144,150
31 Marlena Fenton, Capital75,000
Marlena Fenton, Drawing75,000