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

question 102

Essay

From the following items in the income statement columns of the worksheet of Friend's Tutoring at December 31,prepare the closing entries without explanation,assuming that a $1,000 withdrawal was made during the period.
$\begin{array}{c}\begin{array}{lll}\\\underline{\text {Account}}\\\text {Tutoring Fees}\\\text {Wages Expense}\\\text {Rent Expense}\\\text {Supplies Expense}\\\text {Insurance Expense}\\\\\text {Net Income}\\\end{array}\begin{array}{lll}\underline{\text {Debit}}\\\\700 \\600 \\450 \\\underline{250}\\2,000 \\\underline{1,450}\\\underline{\$ 3,450}\end{array}\begin{array}{lll}\underline{\text {Income Statemen}}\\\underline{\text {Credit}}\\3,450\\\\\\-----\\\underline{3,450} \\-----\\\underline{\$ 3,450} \end{array}\end{array}$

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Definitions:

Monopolistic Distributor

A market participant that has exclusive control over the distribution of a particular product or service, limiting competition.

Demand Curve

A chart that illustrates how the demand for a product varies with its price.

Marginal Cost

The incremental expenditure incurred from manufacturing an additional unit of a product or service.

Mineral Water

Water containing minerals or other dissolved substances that alter its taste or give it therapeutic value, often sourced from a well or spring.