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 $934,500 Violet Lozano, Drawing 66,000 Fees Earned 545,000 Wages Expense 342,400 Rent Expense 52,900 Supplies Expense 17,200 Miscellaneous Expense 5,400 Required: Journalize the two entries required to close the accounts. Refer to the chart of accounts for the exact wording of the account titles. CNOW jourmals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automaticaly indent a credit entry when a credit amount is entered CHART OF ACCOUNTS Creative Images Co. General Ledger ASSETS 11 Cash 12 Accounts Receivable 13 Prepaid Rent 14 Supplies REVENUE 41 Fees Earned LIABILITIES 21 Accounts Payable 22 Wages Payable EXPENSES 51 Wages Expense 52 Rent Expense 53 Supplies Expense 54 Miscellaneous Expense of the es. CNC 23 Unearned Fees EQUITY 31 Violet Lozano, Capital 32 Violet Lozano. Drawing Journalize the two entries required to close the accounts. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered. DATE DESCRIPTION Closing Entries PAGE 11 JOURNAL ACCOUNTING EQUATION POST REF DEBIT CREDIT ASSETS LIABILITIES EQUITY