On December 31, 2019, the ledger of Lopez Company contained the following account balances: Cash $ 32,600 Maria Lopez, Drawing $ 13,100 Accounts Receivable 2,700 Fees Income 51,750 Supplies 1,900 Depreciation Expense 2,550 Equipment 25,600 Salaries Expense 16,600 Accumulated Depreciation 2,300 Supplies Expense 2,800 Accounts Payable 2,800 Telephone Expense 2,400 Maria Lopez, Capital 47,850 Utilities Expense 4,450 Prepare the closing entries for the above transactions.

Explanation:

Dr Fees Income$ 51,750

Cr Income summary  $ 51,750

(To close income account)

Dr Income summary$ 26,250

Cr Depreciation expense  $2,550

Cr Salaries expense  $ 16,600

Cr Supplies expense  $    2,800

Cr Telephone expense  $    2,400

Cr Utilities expense  $    4,450

(To close expenses account)

Dr Income summary ($51,750-$26,250)$ 25,500

Dr Maria Lopez Capital  $ 25,500

(To record transfer of net income into capital account)

Dr Maria Lopez Capital$ 13,100

Cr Maria Lopez Drawings  $ 13,100

(To close drawing account)

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