Closing Entries with Net Loss Stylist Services Co. offers its services to individuals desiring to improve their personal images. After the accounts have been adjusted at July 3, the end of the fiscal year, the following balances were taken from the ledger of Stylist Services Co.: Marlena Fenton, Capital $640,000 Marlena Fenton, Drawing 40,099 Fees Earned 288,000 Wages Expense 252,800 Rent Expense 60,200 Supplies Expense 14,700 Miscellaneous Expense 7.000 Journalize the two entries required to close the accounts For a compound transaction, if an amount box does not require an entry leave it Jul 31