Question: Following are selected accounts and their balances for a company after the adjustments as of May 31, the end of its fiscal year. (All accounts have normal balances.)
J.Mark, Capital $30,000
J.Mark, Withdrwals 6,000
Fees earned 20,000
Salaries expense 7,000
Insurance expense 350
Utilities expense 75
Supplies expense 500
Supplies 400
Salaries payable 300
Depriciation expense 425
Prepare all the necessary closing entries for this company.