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On December 31, 20X1, the ledger of Lopez Company contained the foll.pdf

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On December 31, 20X1, the ledger of Lopez Company contained the following account balances: Cash $ 32,400 Maria Lopez, Drawing $ 12,900 Accounts receivable 2,600 Fees income 50,750 Supplies 1,800 Depreciation expense 2,450 Equipment 25,400 Salaries expense 16,400 Accumulated depreciation 2,200 Supplies expense 2,700 Accounts payable 2,700 Telephone expense 2,300 Maria Lopez, Capital 47,650 Utilities expense 4,350 All the accounts have normal balances. Prepare the closing entries for the above transactions..

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On December 31, 20X1, the ledger of Lopez Company contained the following account balances: Cash $ 32,400 Maria Lopez, Drawing $ 12,900 Accounts receivable 2,600 Fees income 50,750 Supplies 1,800 Depreciation expense 2,450 Equipment 25,400 Salaries expense 16,400 Accumulated depreciation 2,200 Supplies expense 2,700 Accounts payable 2,700 Telephone expense 2,300 Maria Lopez, Capital 47,650 Utilities expense 4,350 All the accounts have normal balances. Prepare the closing entries for the above transactions.

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