Closing Entries

After the accounts have been adjust 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

Journalize the two entries required to close the accounts.