The following account balances are shown in the ledger on December 31: Accounts Payable Accounts Receivable Accumulated Depreciation Cash Depreciation Expense Equipment Teresa Davis, Drawing $12,000 5,200 6,800 76,000 6,800 64,000 50,000 Fees Income Supplies Prepaid Rent Rent Expense Supplies Expense Teresa Davis, Capital Utilities Expense $174,000 3,600 58,000 8,400 7,600 101,600 14,800 All accounts have normal balances. Prepare proper closing entries for the company on December View transaction list Journal entry worksheet Record entry to transfer fees income to income summary. Note: Enter debits before credits General Journal Dobit Credit Date Dec 31 All accounts have normal balances. Prepare proper closing entries for the company on Decem View transaction list 1 Record entry to 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. Credit Note : = journal entry has been entered Record entry Clear entry View general journal