=+EX 4-16 Closing entries with net income obj. 3 Marina 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 Marina Services Co.

John O’Neil, Capital $480,000 Rent Expense $45,000 John O’Neil, Drawing 30,000 Supplies Expense 11,200 Fees Earned 215,000 Miscellaneous Expense 5,100 Wages Expense 190,000