Closing entries Instructions Use what you have learned in Chapter 4 of the Accounting textbook, as well as other pertinent resources (optional resources, videos and others indicated by the teacher) and perform the following exercises: Exercise 1 Prepare the closing entries of temporary accounts with the following information: Carmelo Vlez started a business called Deep Cleaning. After the adjustments in December 2020, the following balances were recorded in the ledger of each account. Carmelo Vlez, capital $ 200,000 Carmelo Vlez, drawing 1,500 Service fee 150,000 Salary expense 40,000 Rent expense 24,000 Supplies expense 22,500 Miscellaneous expense 15,000 Exercise 2 Complete the following fixes for transactions made with errors. Date Account Ref. Debit Credit May 2 Supplies 5,000 Accounts receivable 5,000 Purchase of materials on credit May 5 Account expense 2,000 Sales 2,000 Sale on credit to a customer May 8 Cash 3,500 Sales 3,500 Sale of equipment for $ 3,000 May 12 Salary expense 2,200 Cash 2,200 Salary debt