Reference no: EM132479275

Question 1 - 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

Required - Journalize the two entries required to close the accounts.

Question 2 - Closing Entries

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

Required - Journalize the two entries required to close the accounts.