2 JOURNALING FOR SUCCESS Discovery statement: One of the objectives in this chapter was to make you aware of the advantages and disadvantages of owning a franchise. Assignment 1. Assume that after evaluating your skills, experience, and finan- cial situation, you have decided to purchase a franchise in your community. Identify and describe sources where you can obtain information on what the franchise package should contain. 2. List at least five reasons why you should choose franchising rather than starting a new, independent business. 3. Identify issues you need to be aware of as a franchisee. 4. Make a list of possible advantages and disadvantages of the franchise you are considering. What are your rights and your obligations as a franchisee? PE 4-4B Closing entries 174 OBJ. 3 After the accounts have been adjusted at April 30, the end of the fiscal year, the follow- ing balances were taken from the ledger of Nuclear Landscaping Co.: s10 $643,600 Felix Godwin, Capital Felix Godwin, Drawing 10,500 Fees Earned 356,500 292retete Wages Expense 283,100 Rent Expense Supplies Expense Miscellaneous Expense 56,000 11,500 13,000 Journalize the two entries required to close the accounts