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Prepare the closing entries for the transactions

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

Cash

$31,200

Maria Lopez, Drawing

$11,700

Accounts Receivable

2,000

Fees Income

44,750

Supplies

1,200

Depreciation Expense

1,850

Equipment

24,200

Salaries Expense

15,200

Accumulated Depreciation

1,600

Supplies Expense

2,100

Accounts Payable

2,100

Telephone Expense

1,700

Maria Lopez, Capital

46,450

Utilities Expense

3,750

Required - Prepare the closing entries for the above transactions.

Reference no: EM132464646

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