Adam Smith has a Capital balance of $$14,000$ at the end of the business fiscal year July $31,2023.$ The company$$s adjusted account balances include the following temporary accounts with normal balances:

Service fee earned................... $$35,000$

Salaries expense $.....................$$$7,000$

Telephone expense.....................$$450$

Insurance expense $.....................$$$250$

Adam Smith, withdrawals $..........$$$3,000$

Utilities expense $....................$ $$1,500$

Required:

From the above information;

a$)$ Prepare the closing entries for July $2023.$

b$)$ After all the closing entries are journalized and posted, what is the balance of the Adam Smith$$s Capital?