Reference no: EM132479945

On December 31, 2019, the ledger of Lopez Company contained the following account balances:

Cash                             $32,500                               Maria Lopez, Drawing $13,000

Accounts Receivable        2,650                                     Fees Income 51,250

Supplies                        1,850                                        Depreciation Expense 2,500

Equipment                     25,500                                         Salaries Expense 16,500

Accumulated Depreciation   2,250                                        Supplies Expense 2,750

Accounts Payable              2,750                                        Telephone Expense 2,350

Maria Lopez, Capital             47,750                                  Utilities Expense 4,400

Question 1: How do you enter the above transactions to the closing entries.