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 Monaghan Company at December 31, prepare the closing entries without explanation, assuming that a $450 withdrawal was made during the period.
$$\begin{array}{l}\text { Income Statement }\\\begin{array} { l c c } \text { Account } & \text { Debit } & \text { Credit } \\\text { Service Revenue } & & 900 \\\text { Wages Expense } & 550 & \\\text { Rent Expense } & 250 & \\\text { Supplies Expense } & 100 & \\\text { Insurance Expense } & \underline { 50 } & \underline {} \\\text { } & 950 & 900 \\\text { Net Loss } & & \underline { 50 } \\& \underline { \underline { \$950 } }&\underline { \underline { \$950 } }\end{array}\end{array}$$