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 $13,480 5,999 8,200 83,000 8,200 71,000 53,500 Fees Income Supplies Prepaid Rent Rent Expense Supplies Expense Teresa Davis, Capital Utilities Expense $181,000 4,300 61,500 9,100 8,300 117,700 15,500 All the accounts have normal balances. Prepare the closing entries for Davis Company On Dec View transaction list Journal entry worksheet 2 3 4 Record entry to transfer fees income to income summary Note: Enter debits before credits