1. In the first space below, indicate whether each account is a real or nominal account using (R) Real Account and (N) Nominal Account. In the second space below, indicate by an (X) if the account should be closed.

N X	0. Advertising Expense
________ ________	1. Cash
________ ________	2. Tennis Fees
________ ________	3. Accounts Receivable
________ ________	4. Accumulated Depreciation
________ ________	5. Withdrawals
________ ________	6. Prepaid Rent
________ ________	7. Income Summary
________ ________	8. Utilities Expense

2. 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 Fees		1,725
Wages Expense	350
Rent Expense	300
Supplies Expense	225
Insurance Expense	125	_____
	1,000	1,725
Net Income	725	_____
	$1,725	$1,725