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 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.