After the accounts have been adjusted at December 31, the end of the fiscal year, the following balances were taken from the ledger of Magenta Delivery Services Co.: Elie Liu, Capital Ellie Liu, Drawing $3,427,000 40,000 Fees Earned 1,161,000 Wages Expense 738,300 Rent Expense 62,100 Supplies Expense 14,850 Miscellaneous Expense 8,100 Required: Journalize the two entries required to close the accounts. Refer to the chart of accounts for the exact wording of the account titles. CNOW Instructions Chart of Accounts Journal Chart of Accounts CHART OF ACCOUNTS Magenta Delivery Services Co. General Ledger ASSETS 11 Cash 12 Accounts Receivable. 13 Supplies REVENUE 41 Fees Earned 14 Prepaid Rent 15 Land EXPENSES 51 Wages Expense 52 Rent Expense X ere tak wording c Closing entries Instructions Chart of Accounts Journal Chart of Accounts 12 Accounts Receivable 13 Supplies EXPENSES 14 Prepaid Rent 51 Wages Expense 15 Land LIABILITIES 21 Accounts Payable 22 Unearned Fees 23 Wages Payable 52 Rent Expense 54 Supplies Expense 59 Miscellaneous Expense EQUITY 31 Ellie Liu, Capital Instructions Chart of Accounts Journal Chart of Accounts LIABILITIES 21 Accounts Payable 22 Unearned Fees 23 Wages Payable 54 Supplies Expense 59 Miscellaneous Expense EQUITY 31 Ellie Liu, Capital 32 Ellie Liu, Drawing 33 Income Summary osing entries Instructions Chart of Accounts Journal Journal Journalize the two entries required to close the accounts. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered. PAGE 111 JOURNAL ACCOUNTING EQUATION DATE DESCRIPTION Closing Entries POST REF DEBIT CREDIT ASSETS LIABILITIES EQUITY