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

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

Ex. 2:

Complete the following corrections to transactions made with errors.

• Date	Account	Ref.	Debit	Credit
  May 2	Supplies		5,000
  	Accounts receivable			5,000
  	Purchase of materials on credit
  May 5	Account expense		2,000
  	Sales			2,000
  	Sale on credit to a customer
  May 8	Cash		3,500
  	Sales			3,500
  	Sale of equipment for $3,000
  May 12	Salary expense		2,200
  	Cash			2,200
  	Salary debt