Closing entries with net income Instructions Chart of Accounts Journal Instructions 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 11,000 Fees Earned 710,300 487,000 70,500 Wages Expense Rent Expense Supplies Expenso Miscellaneous Expense 11,200 14,000 Required: Previous Next) Email Instructor Submit Test for Grading All work saved. counts Journal Instructions Chart of Accounts Journal Journalize the two entries required to close the accounts. Refer to the chart of accounts for the exact wording of the accountitles. CNOW joumais do not use in journal explanations. Every line on a journal page is used for debit or credit entries. CNOW joumals will automatically indent a credit enby when a credit amount is JOURNAL ACCOUNTING EQUATIO DATE POST REF DEBIT CREDIT DESCRIPTION Closing Entries ASSETS LIABILITIES 1 2 3 1