Closing entries with net income Automation Technology Services offers its services to companies desiring to use technology to improve their operations. After the accounts have been adjusted at December 31, the end of the fiscal year, the following balances were taken from the ledger of Automation Technology Services: Fees Earned $614,500 J. M. Hale, Capital 3,250,000 J. M. Hale, Drawing 45,000 Rent Expense 140,000 Supplies Expense 18,200 Wages Expense 320,000 Miscellaneous Expense 8,700