The partial worksheet for the Jamison Company showed the following data on October 31, 2019.

INCOME

STATEMENT BALANCE

SHEET ACCOUNT NAME DEBIT CREDIT DEBIT CREDIT Jason Jamison, Capital 37,500 Jason Jamison, Drawing 5,250 Fees Income 27,500 Salaries Expense 13,400 Rent Expense 1,750 Supplies Expense 1,150 Utilities Expense 1,250 Depr. Exp. Equip. 1,600 Totals 19,150 27,500 49,150 40,800 Net Income 8,350 8,350 27,500 27,500 49,150 49,150

Prepare the closing entries for Jamison Company on October 31, 2019.

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.