1. How to close expense accounts

Lucy Morton open Engineering Enterprises P.C. D first month of operations, it completed the following transactions I. Lucy invested $50,000 in the business, which in turn issued common stock to her. II. The business purchased equipment on account for $12,000. Ill. The business provided engineering services on account, $22,000. IV. The business paid salaries to the receptionist #1400. V. The business received cash from a customer as payment on account $8,000 VI. The business borrowed $18,000 from the bank, issuing a note payat Total assets would be: $50,600 $78,600. $100,600