Closing Entries with Net Loss Stylist Services Co. offers its services to individuals desiring to...
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Accounting
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 | $1,060,000 |
| Marlena Fenton, Drawing | 75,000 |
| Fees Earned | 618,200 |
| Wages Expense | 388,400 |
| Rent Expense | 60,000 |
| Supplies Expense | 19,500 |
| Miscellaneous Expense | 6,150 |
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