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

question 78

Essay

From the following items in the income statement columns of the worksheet of Monaghan Company at December 31,prepare the closing entries without explanation,assuming that a $500 withdrawal was made during the period.
$\begin{array}{c}\begin{array}{lll}\\\underline{\text {Account}}\\\text {Service Revenue}\\\text {Wages Expense}\\\text {Rent Expense}\\\text {Supplies Expense}\\\text {Insurance Expense}\\\\\text {Net Loss}\\\\\end{array}\begin{array}{lll}\\\underline{\text {Debit}}\\\\500 \\250 \\100 \\\underline{50}\\950 \\----\\\underline{\$ 950}\end{array}\begin{array}{lll}\underline{\text {Income Statemen}}\\\underline{\text {Credit}}\\900\\\\\\\\-----\\900 \\\underline{50}\\\underline{\$ 950} \end{array}\end{array}$

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