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.:

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 11 JOURNAL ACCOUNTING EQUATION DATE DESCRIPTION POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY 1 Closing Entries 2 3 4 5 6 7 8 Chart of Accounts CHART OF ACCOUNTS Magenta Delivery Services Co. General Ledger ASSETS REVENUE 11 Cash 41 Fees Earned 12 Accounts Receivable 13 Supplies EXPENSES 14 Prepaid Rent 51 Wages Expense 15 Land 52 Rent Expense 54 Supplies Expense LIABILITIES 59 Miscellaneous Expense 21 Accounts Payable 22 Unearned Fees 23 Wages Payable EQUITY 31 Ellie Liu, Capital 32 Ellie Liu, Drawing 33 Income Summary Closing entries Instructions Chart of Accounts Journal Instructions 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 $8,366,300 Ellie Liu, Drawing 70,000 Fees Earned 1,644,500 Wages Expense 1,239,200 Rent Expense 109,400 Supplies Expense 26,800 Miscellaneous Expense 19,300 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