The following account balances are shown in the ledger on December 31: All accounts have normal balances. Prepare proper closing entries for the company on December 31. Journal entry worksheet 4 Record entry to transfer fees income to income summary. Journal entry worksheet Record entry to transfer fees income to income summary. Note: Enter debits before credits. Record entry to transfer expenses to income summary. Note: Enter debits before credits. Record entry to transfer net income or net loss from income summary to capital. Note: Enter debits before credits. Journal entry worksheet Record entry to transfer drawings to capital account. Note: Enter debits before credits