Rizzo Company has the following year-end account balances on November 30, 2017: Service Revenue $38,500; Insurance Expense

Question:

Rizzo Company has the following year-end account balances on November 30, 2017: Service Revenue $38,500; Insurance Expense $2,750; Rent Expense $8,000; Supplies Expense $1,500; L. Wilfrid, Capital $42,000; and L. Wilfrid, Drawings $29,000.
(a) Prepare the closing entries.
(b) Calculate the balance in L. Wilfrid, Capital after the closing entries are posted.