Answer:
Date General Journal Debit ($) Credit ($)
July 31 Fees Earned 520,400
Wages Expense 488,000
Rent Expense 65,000
Supplies Expense 11,200
Miscellaneous Expense 13,900
Marlena Fenton, Capital (57,700)
(To close Revenue and Expense accounts)
July 31 Marlena Fenton, Capital 11,000
Marlena Fenton, Drawing 11,000
Explanation:
Marlena Fenton, Capital = $880,000
Marlena Fenton, Drawing = $11,000
Fees Earned = $520,400
Wages Expense = $488,000
Rent Expense = $65,000
Supplies Expense = $11,200
Miscellaneous Expense = $13,900
Marlena Fenton, Capital = $520,400 -($488,000 + $65,000 + $11,200 + $13,900) = ($ 57,700)
