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.: Ellie Liu, Capital $3,551,000 41,500 Ellie Liu, Drawing Fees Earned 1,200,000 Wages Expense 741,700 Rent Expense 68,600 Supplies Expense 14,950 Miscellaneous Expense- 8,750 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 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. DATE Dec. 31 Income Summary Income Summary Dec. 31 Expenses Wages Expense Rent Expense Supplies Expense DESCRIPTION Closing Entries Miscellaneous Expense Income Summary JOURNAL Score: 65/99 POST. REF DEBIT CREDIT 120,000.00 120,000.00 83,400.00 741,700.00" 68,600.00 14,950.00 8,750.00 36,600.00 ACCOUNTING EQUATION ASSETS LIABILITIES EQUITY