From the Following Items in the Income Statement Columns of the Worksheet

Essay

From the following items in the income statement columns of the worksheet of Bob's Barbershop at December 31, prepare the closing entries without explanation, assuming that a $500 withdrawal was made during the period.
$$\begin{array}{l}\text { Income Statement }\\\begin{array} { l r r } \text { Account } & \text { Debit } & \text { Credit } \\\text { Cutting Fees } & & 1,725 \\\text { Wages Expense } & 350 & \\\text { Rent Expense } & 300 & \\\text { Supplies Expense } & 225 & \\\text { Insurance Expense } & 125 & \overline { 1,725 } \\\text { } & 1,000 & \\\text { Net Income } & 725 & \underline { } \\& \underline { \underline { 1,725 } } & \underline { \underline { 1,725 } }\end{array}\end{array}$$