From the following items in the income statement columns of the worksheet of Bob's Barbershop at December 31, prepare the closing entries without explanation, assuming that a $500 withdrawal was made during the period.

Income Statement

Account Debit Credit

Cutting Fees1,725

Wages Expense350

Rent Expense300

Supplies Expense225

Insurance Expense125_____

1,000 1,725

Net Income725 _____

$1,725 $1,725