Closing Entries with Net Loss Stylist Services Co. offers its services to indivi

Question

Closing Entries with Net Loss 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 $600,000 Marlena Fenton, Drawing 37,000 Fees Earned 270,000 Wages Expense 237,000 Rent Expense 56,400 Supplies Expense 13,800 Miscellaneous Expense 6,600

end of the fiscal year, the following balances were taken from the ledger of Stylist Services Co.: Marlena Fenton, Capital Marlena Fenton, Drawing Fees Earned Wages Expense Rent Expense Supplies Expense Miscellaneous Expense $600,000 37,000 270,000 237,000 56,400 13,800 6,600 Journalize the two entries required to close the accounts For a compound transaction, if an amount box does not require an entry, leave it blank. Jul. 31 ul. 31

Explanation / Answer

Journal

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Date Account title Debit Credit July 31 Income summary 313,800 Wages expense 237,000 Rent expense 56,400 Supplies expense 13,800 Miscellaneous expense 6,600 July31 Fee earned 270,000 Income summary 270,000

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