Katsu Companys adjusted trial balance on December 31, 2014, contains the following accounts and balances: F. Katsu,

Question:

Katsu Company’s adjusted trial balance on December 31, 2014, contains the following accounts and balances: F. Katsu, Capital, $8,600; F. Katsu, Withdrawals, $350; Service Revenue, $2,600; Rent Expense, $400; Wages Expense, $900; Utilities Expense, $200; and Telephone Expense, $50. Prepare the closing entries.