losing entries 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: Closing entries Instructions Chart of Accounts Journal Im Instructions LW uwy Fees Earned 1,644,500 1,239,200 Wages Expense Rent Expense Supplies Expense Miscellaneous Expense 109,400 26,800 19,300 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 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 indenta credit entry when a credit amount is entered Closing entries Instructions Chart of Accounts Journal Instructions Chart of Accounts CHART OF ACCOUNTS Magenta Delivery Services Co. General Ledger ASSETS REVENUE 11 Cash 41 Fees Earned 12 Accounts Receivable 13 Supplies 14 Prepaid Rent EXPENSES 51 Wages Expense 52 Rent Expense 15 Land losing entries Instructions Chart of Accounts: Journal Instructions Chart of Accounts 15 Land 52 Rent Expense 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 Journalize the two entries required to close the accounts. Refer to the chart of accounts for the exact wording o journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automa JOURNAL DATE POST. REF DEBIT DESCRIPTION Closing Entries 2