PE 4-4A Closing entries

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

Kerry Buckner, Capital $9,556,300
Kerry Buckner, Drawing 80,000
Fees Earned 1,878,400
Wages Expense 1,415,500
Rent Expense 125,000
Supplies Expense 30,600
Miscellaneous Expense 22,100

Journalize the two entries required to close the accounts.


Answer:

Closing Entries Dec. 31 Fees Earned 1,878,400 Wages Expense 1,415,500 Rent Expense 125,000 Supplies Expense 30,600 Miscellaneous Expense 22,100 Kerry Buckner, Capital 285,200 31 Kerry Buckner, Capital 80,000 Kerry Buckner, Drawing 80,000