From the following posted T accounts, reconstruct the closing journal entries for May 31, 201X. M. Fernendez,

From the following posted T accounts, reconstruct the closing journal entries for May 31, 201X.

Transcribed Image Text:

M. Fernendez, Capital Insurance Expense Withdrawals 700 6,000 (May 1) 75 Closing 75 2,025 Net Income M. Fernendez, Withdrawals Wage Expense 700 Closing 700 Income Summary Expenses 2,775 Revenue 4,800 Closing 2,025 Balance 2,025 1,100 Closing 1,100 Rent Expense 1,000 Closing 1,000 Salon Fees Depreciation Expense, Equipment Closing 4,800 4,800 600 Closing 600