Closing entries

1.Exercise 1

Prepares the closing entries of the temporary accounts with the following information:Carmelo Vlez started a business with the name of Deep Cleaning. After adjustments in December 2020, the following balances were recorded in each account ledger.

Carmelo Vlez,capital $200,000

Carmelo Vlez,drawing 1,500

Service fee 150,000

Salary expense 40,000

Rent expense 24,000

Supplies expense 22,500

Miscellaneous expense 15,000

Excercise 2

Completes the following corrections to failed transactions.

Date Account Ref. Debit Credit

2 de mayo Supplies 5,000

Accounts receivable 5,000

Compra de materiales a crdito

5 de mayo Account expense 2,000

Sales 2,000

Venta a crdito a un cliente

8 de mayo

Cash 3,500

sales 3,500

Venta de equipo por $3,000

12 de mayo Salary expense 2,200

Cash 2,200

Deuda de salario