3. Preparing closing journal entries Aa Aa Presented here are the June 30 month-end adjusted account balances from the general ledger of the Michelle Ravera Ltd. All balances are normal balances Prepare the journal entries to close the accounts at the end of the month. When closing revenue accounts, enter Fees Earned first, then Rent Revenue. When closing expense accounts, list accounts in descending order, from highest to lowest, of account balance JOURNAL Michelle Ravera Ltd Post. Ref Date Description Debit Credit Account Michelle Ravera, Capital Michelle Ravera, Drawing Fees Earned Rent Revenue Wages Expense Rent Expense Balance 115,975 20,725 17,775 28,675 14,750 12,525 6,800 6,475 6,150 5,825 5,500 Jun 30 30 Supplies Expense 8 Insurance Expense Depreciation Expense Utilities Expense Miscellaneous Expense 10 10 30 15 16 17 18 15 16 30 18 If expenses are greater than revenues when accounts are closed, then Income Summary will have a for the accounting period. So when the balance in Income Summary is transferred to the owner's capital account, the capital account balance will balance equal to the