im confused on how to do the first part, preparing the 4 financial statements, if allowed i would also Appreciate if you would show me how to do the next step which would be preparing the closing entries thank you in advance!

3. 3) Below are the accounts for XYZ Company: Fees Eamed 750,000 Dividends 20,000 Wages Expense 500,000 Rent Expense 30,000 Supplies Expense 15,000 Misc. Expense 5,000 Journalize the four entries to close the accounts. Font Font TODAS Closing Entries (slide 3 of 3) The four closing entries required in the closing process are as follows: 1. Debit each revenue account for its balance and credit Income Summary for the total revenue. 2. Credit each expense account for its balance and debit Income Summary for the total expenses. 3. Debit Income Summary for its balance (net income) and credit the retained earnings account. (In the case of a net loss, credit Income Summary for its balance and debit the retained earnings account.) 4. Debit the retained earnings account for the balance of the dividends account and credit the dividends account. Click to add notes Note mer