After the accounts have been adjusted at December 31, the end of the fiscal year, the following balances were taken from the ledger of Pioneer Delivery Services Co.:

Kerry Buckner, Capital	$3,513,000
Kerry Buckner, Drawing	42,500
Fees Earned	1,324,000
Wages Expense	749,100
Rent Expense	68,800
Supplies Expense	14,600
Miscellaneous Expense	7,350

Required:

Journalize the two entries required to close the accounts. Refer to the Chart of Accounts for exact wording of account titles.

CHART OF ACCOUNTS

Pioneer Delivery Services Co.

General Ledger

	ASSETS
11	Cash
12	Accounts Receivable
13	Supplies
14	Prepaid Rent
15	Land

	LIABILITIES
21	Accounts Payable
22	Unearned Fees
23	Wages Payable

	EQUITY
31	Kerry Buckner, Capital
32	Kerry Buckner, Drawing
33	Income Summary

	REVENUE
41	Fees Earned

	EXPENSES
51	Wages Expense
52	Rent Expense
54	Supplies Expense
59	Miscellaneous Expense