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

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 four entries required to close the accounts.


Answer:

Closing Entries
Apr. 30 Fees Earned 356,500
Income Summary 356,500
30 Income Summary 363,600
Wages Expense 283,100
Rent Expense 56,000
Supplies Expense 11,500
Miscellaneous Expense 13,000
30 Felix Godwin, Capital 7,100
Income Summary 7,100
30 Felix Godwin, Capital 10,500
Felix Godwin, Drawing 10,500