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Question - Closing Entries
After the accounts have been adjust at December 31, the end of the fiscal year, the following balances were taken from the ledger of Magenta Delivery services CO.
Ellie Liu, Capital $8,366,300
Ellie Liu, Drawing $70,000
Fees Earned $1,644,500
Wages Expense $1,239,200
Rent Expense $109,400
Supplies Expense $26,800
Miscellaneous Expense $19,300
Required - Journalize the two entries required to close the accounts.
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