Closing Entries. For the year ended December 31, 2020, HG partnership had the following balances in their revenue and expense accounts: Fees earned Account Wages expense Rent expense Utilities expense Miscellaneous expense Balance $200,000 50,000 13,000 6,000 11,000 Prepare the closing entry to close out revenues and expenses assuming that the partners, Harris and Gerloff, share income equally. Account Debit Credit