Wk. 5 - Apply: Exercise i Saved On December 31, the ledger of Davis Company contained the following account balances: Accounts Payable Accounts Receivable Accumulated Depreciation Cash Depreciation Expense Equipment Teresa Davis, Drawing $12,200 5,300 7,000 77,000 7,000 65,000 50,500 Fees Income Supplies Prepaid Rent Rent Expense Supplies Expense Teresa Davis, Capital Utilities Expense $175,000 3,700 58,500 8,500 7,700 103,900 14,900 points All the accounts have normal balances. Prepare the closing entries for Davis Company On December 31. View transaction list Journal entry worksheet 2 3 4 Record entry to transfer fees income to income summary. Note: Enter debits before credits. Date Dec 31 General Journal Debit Credit Record entry Clear entry View general journal Wk. 5- Apply: Exercise i Saved On December 31, the ledger of Davis Company contained the following account balances: 00 Accounts Payable Accounts Receivable Accumulated Depreciation Cash Depreciation Expense Equipment Teresa Davis, Drawing $12,200 5,300 7,000 77,000 7,000 65,000 50,500 Fees Income Supplies Prepaid Rent Rent Expense Supplies Expense Teresa Davis, Capital Utilities Expense $175,000 3,700 58,500 8,500 7,700 103,900 14,900 points All the accounts have normal balances. Prepare the closing entries for Davis Company On December 31. View transaction list Journal entry worksheet