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Selected accounts for Lee's Salon at December 31, 2021, are presented below.  Prepare closing entries.  A. Lee, Capital        A. Lee, Drawings        Service Revenue  Dr.  Cr.  Dr.  Cr.  Dr.  Cr.                    30,000        2,000                            50,000                                Salaries Expense        Rent Expense        Supplies Expense  Dr.  Cr.  Dr.  Cr.  Dr.  Cr.    21,000                    6,000                    7,000

Selected accounts for Lee's Salon at December 31, 2021, are presented below.  Prepare closing entries.  A. Lee, Capital        A. Lee, Drawings        Service Revenue  Dr.  Cr.  Dr.  Cr.  Dr.  Cr.                    30,000        2,000                            50,000                                Salaries Expense        Rent Expense        Supplies Expense  Dr.  Cr.  Dr.  Cr.  Dr.  Cr.    21,000                    6,000                    7,000

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Selected accounts for Lee's Salon at December 31, 2021, are presented below. 

Prepare closing entries. 

A. Lee, Capital 

     

A. Lee, Drawings 

     

Service Revenue 

Dr. 

Cr. 

Dr. 

Cr. 

Dr. 

Cr. 

     

     

     

30,000 

     

2,000 

     

     

     

 

     

50,000 
                           

 

Salaries Expense 

     

Rent Expense 

     

Supplies Expense 

Dr. 

Cr. 

Dr. 

Cr. 

Dr. 

Cr. 

 

21,000 

     

     

     

6,000 

     

     

     

7,000 

     

     
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