Closing Entries with Net Income Creative Images Co. offers its services to individuals desiring to improve their personal images. After the accounts have been adjusted at July 31, the end of the fiscal year, the following balances were taken from the ledger of Creative Images Co.: Violet Lozano, Capital $880,000 Violet Lozano, Drawing 17,000 Fees Earned 694,500 Wages Expense 470,000 Rent Expense 72,500 Supplies Expense 11,300 Miscellaneous Expense 13,100 Journalize the two entries required to close the accounts. If an amount box does not require an entry, leave it blank. Jul. 31 Jul. 31 ll li