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Need Help. (Ch.4 App.)(EX.04-17) (the journal has 9 rows)...

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Accounting

Need Help. (Ch.4 App.)(EX.04-17)
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(the journal has 9 rows)
Instructions 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 $880 000 Marlena Fenton, Capital Marlena Ferton, Drawing Fees Earned Wages Expense Rent Expense Supplies Expense 11,000 520.400 488 000 65,000 11.200 Miscellaneous Expense 13 900 Required: Journalize the two entries required to close the accounts. Refer to the Chart of Accounts for exact wording of account titles. Chart of Accounts General Ledger ASSETS REVENUE 11 Cash 41 Fees Earned 12 Accounts Receivable 13 Prepaid Rent EXPENSES 14 Supplies 51 Wages Expense 52 Rent Expense LIABILITIES 53 Supplies Expense 21 Accounts Payable 54 Miscellaneous Expense 22 Wages Payable 23 Unearned Fees EQUITY 31 Marlena Fenton, Capital 32 Marlena Fenton, Drawing / 33 Income Summary Journal Joumalze the two entres required to close the accounts Refer to the Chart of Accounts for exact wording of account titles PAGE 11 JOURNAL ACCOUNTING EQUATION DATE POST.EE DERIT CREDIT ASSETS LIABILITIES EQURTY DESCRIPTION Closing Entries 1 2 1 4 5

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