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.
Definitions:
Flexible Budget
A budget that adjusts or varies with changes in volume or activity levels.
Level Of Activity
Refers to the volume of production or operations within a business, which can impact costs and efficiency.
Fixed Costs
Expenses that do not change with the level of production or sales over a short period.
Total Fixed Costs
The cumulative amount of all expenses that do not change in total despite changes in the activity level or volume of production over a certain period.
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