On December 31, the ledger of Davis Company contained the following account balances:

Accounts Payable	$	12,400		Fees Income	$	176,000
Accounts Receivable		5,400		Supplies		3,800
Accumulated Depreciation		7,200		Prepaid Rent		59,000
Cash		78,000		Rent Expense		8,600
Depreciation Expense		7,200		Supplies Expense		7,800
Equipment		66,000		Teresa Davis, Capital		106,200
Teresa Davis, Drawing		51,000		Utilities Expense		15,000

All the accounts have normal balances. Prepare the closing entries for Davis Company On December 31.

1. Record entry transfer fees income to income summary

2. Record entry to transfer expenses to income summary

3. Record entry to transfer net income or net loss from income summary to capital

4. Record entry to transfer drawings to capital account