Could someone answer the question, please?

Instruction

After the accounts have been adjusted at December 31, the end of the fiscal year, the following balances were taken from the ledger of Magenta Delivery Services Co.:

Ellie Liu, Capital	$8,366,300
Ellie Liu, Drawing	70,000
Fees Earned	1,644,500
Wages Expense	1,239,200
Rent Expense	109,400
Supplies Expense	26,800
Miscellaneous Expense	19,300

Required:

Journalize the two entries required to close the accounts. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered.

Chart

CHART OF ACCOUNTS

Magenta Delivery Services Co.

General Ledger

	ASSETS
11	Cash
12	Accounts Receivable
13	Supplies
14	Prepaid Rent
15	Land

	LIABILITIES
21	Accounts Payable
22	Unearned Fees
23	Wages Payable

	EQUITY
31	Ellie Liu, Capital
32	Ellie Liu, Drawing
33	Income Summary

	REVENUE
41	Fees Earned

	EXPENSES
51	Wages Expense
52	Rent Expense
54	Supplies Expense
59	Miscellaneous Expense

Journalize the two entries required to close the accounts. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered.

All transactions on this page must be entered (except for post ref(s)) before you will receive Check My Work feedback.

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JOURNAL

ACCOUNTING EQUATION

Score: 2/99

	DATE	DESCRIPTION	POST. REF.	DEBIT	CREDIT	ASSETS	LIABILITIES	EQUITY
1		Closing Entries
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