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 ............. $1,060,000
Marlena Fenton, Drawing .......... 75,000
Fees Earned .......................... 618,200
Wages Expense .................... 388,400
Rent Expense ........................ $60,000
Supplies Expense ..................... 19,500
Miscellaneous Expense ................ 6,150
Journalize the two entries required to close the accounts.