After the accounts have been adjusted at July 31, the end of the fiscal year, the following balances are taken from the ledger of Cabriolet Services Co.:
|
Terry Lambert, Capital |
$615,850 |
|
Terry Lambert, Drawing |
25,000 |
|
Fees Earned |
380,450 |
|
Wages Expense |
250,000 |
|
Rent Expense |
65,000 |
|
Supplies Expense |
18,250 |
|
Miscellaneous Expense |
6,200 |
Journalize the four entries required to close the accounts.