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.

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