Elizabeth Soltis owns and operates Aunt Ibby's Styling Salon. A year-end work sheet is provided on the next page. Using this information, prepare adjusting entries, financial statements, and closing entries. Soltis made no additional investments during theyear.

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Aunt Ibby's Styling Salon Work Sheet For Year Ended December 31, 20-- ADJUSTMENTS NCOME STATEMENT BALARCE SHEET TRIAL BALANCE ADJUSTED TRAL BALAHCE ACCOUNT TITLE CROT CREDIT DER1 CREOXT 1 Cah 2 Styfing Supplies 3 Frepaid Insurance 4 SdonEquipment 5 Acoum. Dept-Sakn fquipment 6 Accounts Payable 7 Wages Fayable 3 Eieabeth Soltis, Capital 9 Elizabeth Soltis, Orawing 940 00 15 00 00 940 00 50 00 150 00 4500 00 940 co a 1450 00 D) 650 00 150 c0 800 00 45 00 00 4500 C0 900 00 5 900 00 225.00 225 00 40 00 225 00 6 40 00 4000 7 1765 00 2765 00 2765 00 8 12 o co0 12 0 00 00 12000 0 10 Stytng Fees 32 0 00 00 32 000 00 32 0 00 00 10 8000 00 4C 00 8040 0 3040 0 1I Wages Expense 12 Rent Expense 60 00 00 6000 C0 6000 00 12 13 Stying Supplies Expense (a) 14 5 00 1450 60 145 0 00 13 450 00 300 00 450 00 14 Telephone Expense 450 00 14 15 Uilities Expense 8 0 0 c0 800 00 650 00 15 16 Isurance Expense 6 50 00 16 10 6 50 00 17 Depr. Expense-Salon Equipnent 900 C0 9 0C 00 3040 00 900 00 17 349 90 00 39 9.0 00 3040 00 35 9 3o co 35 93 0 00 18 290 00 32 00 0 00 17 640 co 39 30 00 18 13 7 10 03 19 32 000 00 32 0.0 co 1764 0 c0 17 6 40 00 20 18 13. 710 00 19 Net Income 20 21 21 22 23 23 24 24 26 27 27 28 28 29 29 30 30