After the bookkeeper posted the adjusting entries for F. L. Fagan, Architect, the ledger contained the following account balances on April 30:

Income Summary has a zero balance, because the account had not been used previously.
Instructions Journalize the closing entries with the four steps in the proper sequence.

Transcribed Image Text:

Cash $36,498 Office Supplies 4,239 Furniture and Fixtures 25,911 Accumulated Depreciation, Furniture and Fixtures 16,569 Accounts Payable 8,469 Salaries Payable 360 F. L. Fagan, Capital 39,600 F. L. Fagan, Drawing 15,720 Income Summary 0 Professional Fees 45,567 Salary Expense 20,340 Rent Expense 3,150 Telephone Expense 468 Office Supplies Expense 1,080 Depreciation Expense, Furniture and Fixtures Miscellaneous Expense 684 2,475