On December 31, the ledger of Davis Company contained the following account balances: Accounts Payable Accounts Receivable Accumulated Depreciation Cash Depreciation Expense Equipment Teresa Davis, Drawing $12,400 5,400 7,200 78,000 7,200 66,000 51,000 Fees Income Supplies Prepaid Rent Rent Expense Supplies Expense Teresa Davis, Capital Utilities Expense $176,000 3,800 59,000 8,600 7,800 106,200 15,000 All the accounts have normal balances. Prepare the closing entries for Davis Company On December 31 Journal entry worksheet 1 2 3 4 Record entry to transfer fees income to income summary. Note: Enter debits before credits. General Journal Debit Credit Date Dec 31 Journal entry worksheet