After adjusting the accounts as of January 31, at the end of the fiscal year, the following balances are taken from the general ledger of Harrison's Dog Walking Service Company:

Harrison Taylor, Capital	$342,820
Harrison Taylor, Drawing	14,480
earned fees	124,230
salary expenses	42,540
Rental costs	13,460
Supply expenses	14,200
Miscellaneous expenses	2,340

Write the journal entries required to close the accounts.

Answer rating: 100% (QA)

To close the accounts we need to transfer the balances of the income and expense accou... View the full answer