From the Following Items in the Income Statement Columns of the Worksheet

question 53

Essay

From the following items in the income statement columns of the worksheet of Bob's Barbershop at December 31, prepare the closing entries without explanation, assuming that a $500 withdrawal was made during the period.
$$\begin{array}{l}\text { Income Statement }\\\begin{array} { l r r } \text { Account } & \text { Debit } & \text { Credit } \\\text { Cutting Fees } & & 1,725 \\\text { Wages Expense } & 350 & \\\text { Rent Expense } & 300 & \\\text { Supplies Expense } & 225 & \\\text { Insurance Expense } & 125 & \overline { 1,725 } \\\text { } & 1,000 & \\\text { Net Income } & 725 & \underline { } \\& \underline { \underline { 1,725 } } & \underline { \underline { 1,725 } }\end{array}\end{array}$$

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Definitions:

Mentoring Programs

Structured initiatives that pair less experienced individuals with more experienced professionals to guide, advise, and support their development and career progression.

Advancement Rates

Measures the pace at which individuals or elements within a system improve, grow, or move to a higher position.

Boost Morale

Refers to actions or strategies aimed at improving the confidence, enthusiasm, or spirit of a group or team.

Cultivation Stage

A phase in various processes where growth, development, or improvement is focused on, often used in organizational, personal development, or agriculture contexts.