Instruction Chart of Accounts Journal Instructions After the accounts have been adjusted at December 31, the end of the fiscal year, the following balances were taken from the ledger of Magenta Delivery Services Co.: $8,366 300 70,000 1,644,500 Ellie Liu, Capital Ellie Liu, Drawing Fees Earned Wages Expense Rent Expense Supplies Expense Miscellaneous Expense 1,239,200 109,400 26,800 19,300 Required: Instructions Chart of Accounts Journal Instructions Cowy mo Fees Earned 1,644,500 1,239,200 Wages Expense Rent Expense Supplies Expense Miscellaneous Expense 109,400 26,800 19,300 Required: Joumalize the two entries required to close the accounts. Refer to the chart of accounts for the exact wording of the account titles. CNOW joumals do not use lines for journal explanations. Every line on a joumal page is used for debit or credit entries CNOW journals will automatically indenta credit entry when a credit amount is entered. of Accounts CHART OF ACCOUNTS Magenta Delivery Services Co. General Ledger ASSETS REVENUE 11 Cash 41 Fees Earned 12 Accounts Receivable 13 Supplies EXPENSES 14 Prepaid Rent 51 Wages Expense 52 Rent Expense 15 Land osing entries Instructions Chart of Accounts Journal E Instructions Chart of Accounts 54 Supplies Expense 59 Miscellaneous Expense LIABILITIES 21 Accounts Payable 22 Unearned Fees 23 Wages Payable EQUITY 31 Ellie Liu, Capital 32 Ellie Liu, Drawing 33 Income Summary Instructions Chart of Accounts Journal Instructions Chart of Accounts Journal Joumalize the two entries required to close the accounts. Refer to the chart of accounts for the exact wording of journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatie JOURNAL DATE DESCRIPTION POST. REF DEBIT Closing Entries Dec, 31