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Closing Entries with Net Loss Stylist Services Co. offers its services to individuals desiring to improve their personal images. After the accounts have been adjusted at July 31, the end of the fiscal year, the following balances were taken from the ledger of Stylist Services Co.: Marlena Fenton, Capital Marlena Fenton, Drawing $590,000 37,000 Fees Earned 266,000 Wages Expense 233,100 Rent Expense 55,500 Supplies Expense 13,600 Miscellaneous Expense 6,500 For a compound transaction, if an amount box does not require an entry, leave it blank. Jul. 31 Fees Earned 266,000 Supplies Expense 13,600 X X Wages Expense 233,100 Rent Expense 55,500 Marlena Fenton, Capital 42,700 X Miscellaneous Expense 6,500 Jul. 31 Marlena Fenton, Capital 37,000 Marlena Fenton, Drawing 37,000 Feedback Check My Work In preparing closing entries, recall that (1) Difference in revenue and expense account balances are transferred to the owner's capital account; and (2) The balance of the owner's drawing account is transferred to the owner's capital account