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After tha accounts Have,. been adjusted at MAY 31, the end of the fiscal year, the following balances were taken from the ledger of Reap
After tha accounts Have,. been adjusted at MAY 31, the end of the fiscal year, the following balances were taken from the ledger of Reap Business Inc.
| James Reap, Capital | $800,000 |
| James Reap, Drawing | 125,000 |
| Fees earned | 750,000 |
| Wages expense | 400,000 |
| Rent expense | 75,000 |
| Supplies expense | 16,000 |
| Miscellaneous expense | 5,000 |
Journalize the closing entries necessary to close out all temperary accounts. Not all lines may be used.
| DATE | Debit | Credit | |
| 5/31 | |||
| 5/31 | |||
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