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

Accounts Payable $ 14,800 Fees Income $ 188,000 Accounts Receivable 6,600 Supplies 5,000 Accumulated Depreciation 9,600 Prepaid Rent 65,000 Cash 90,000 Rent Expense 9,800 Depreciation Expense 9,600 Supplies Expense 9,000 Equipment 78,000 Teresa Davis, Capital 133,800 Teresa Davis, Drawing 57,000 Utilities Expense 16,200

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

a Record entry to transfer fees income to income summary.

b Record entry to transfer expenses to income summary.

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

d Record entry to transfer drawings to capital account.