Closing entries

Instructions: Use what you have learned in chapter 4 of the Accounting textbook, as well as other relevant resources (optional resources, videos and others indicated by the teacher) and perform the following exercises:

Exercise 1: Prepare temporary account closing entries with the following information: Carmelo Velez started a business under the name of Deep Cleaning. After 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 failed transactions.

Date	Account	Ref.	Debit	Credit
2 de mayo	Supplies		5,000
	Accounts receivable			5,000
	Compra de materiales a crdito
5 de mayo	Account expense		2,000
	Sales			2,000
	Venta a crdito a un cliente
8 de mayo	Cash		3,500
	Sales			3,500
	Venta de equipo por $3,000
12 de mayo	Salary expense		2,200
	Cash			2,200
	Deuda de salario