After the accounts have been adjusted at April 30, the end of the fiscal year, the following balances were taken from the ledger of Nuclear Landscaping Co.:
Felix Godwin, Capital $643,600
Felix Godwin, Drawing 10,500
Fees Earned 356,500
Wages Expense 283,100
Rent Expense 56,000
Supplies Expense 11,500
Miscellaneous Expense 13,000
Journalize the two entries required to close the accounts.
Answer:
Closing Entries
Apr. 30 Felix Godwin, Capital 7,100 Fees Earned 356,500 Wages Expense 283,100 Rent Expense 56,000 Supplies Expense 11,500 Miscellaneous Expense 13,000 30 Felix Godwin, Capital 10,500 Felix Godwin, Drawing 10,500