Stylist Services Co. Offers it's 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 $ 930,000 Marlena Fenton, Drawing 12,000 Fees earned 520,000 Wages expense 488,000 Rent Expense 70,000 Supplies expense 11,100 Miscellaneous expense 14,300 Required: Journalize the two entries required to close the accounts.
Stylist Services Co. Offers it's 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 $ 930,000 Marlena Fenton, Drawing 12,000 Fees earned 520,000 Wages expense 488,000 Rent Expense 70,000 Supplies expense 11,100 Miscellaneous expense 14,300 Required: Journalize the two entries required to close the accounts.
Century 21 Accounting Multicolumn Journal
11th Edition
ISBN:9781337679503
Author:Gilbertson
Publisher:Gilbertson
Chapter18: Acquiring Capital For Growth And Development
Section: Chapter Questions
Problem 1AP
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Stylist Services Co. Offers it's 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 $ 930,000
Marlena Fenton, Drawing 12,000
Fees earned 520,000
Wages expense 488,000
Rent Expense 70,000
Supplies expense 11,100
Miscellaneous expense 14,300
Required:
Journalize the two entries required to close the accounts.
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