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 31, the end of the fiscal year, the following balances were taken from the ledger of Stylist Services Co.:

Marlena Fenton, Capital	$1,060,000
Marlena Fenton, Drawing	75,000
Fees Earned	618,200
Wages Expense	388,400
Rent Expense	60,000
Supplies Expense	19,500
Miscellaneous Expense	6,150

Journalize the two entries required to close the accounts.

For a compound transaction, if an amount box does not require an entry, leave it blank.

Jul. 31
Jul. 31
	fill in the blanks	fill in the blanks	fill in the blanks