UW MU OY Print Item Closing entries Chart of Accounts Journal Instructions After the accounts have been adjusted at December 31, the end of the fiscal year, the following balances were taken from the edge of Magenta Delivery Services Co $8,366,300 Ellie Liu, Capital Ellie Liu, Drawing 70,000 Fees Earned 1,644,500 1,239,200 109,400 Wages Expense Rent Expense Supplies Expense Miscellaneous Expense 26.800 19 300 Required: Journalize the two entries required to close the accounts Refer to the chart of accounts for the exact wording of the account the CNOW journals do not use lines for journal explanations. Every line on a joumar page is used for det or credit entre CNOWjournal automacal indent a credit entry when a credit amount is entered Previous Next 35P Check My Work e Instructions Journal Chart of Accounts CHART OF ACCOUNTS Magenta Delivery Services Co. General Ledger ASSETS REVENUE 41 Fees Earned 11 Cash 12 Accounts Receivable EXPENSES 13 Supplies 14 Prepaid Rent 15 Land 51 Wages Expense 52 Rent Expense 54 Supplies Expense 59 Miscellaneous Expense LIABILITIES 21 Accounts Payable 22 Unearned Fees Instructions Chart of Accounts Journal Journal Journalize the two entries required to close the accounts. Refer to the chart of accounts for the exact wording of the accounts CNOW ums do not used to Vournal explanations. Every line on a journal page is used for debitor credit entnes CNOW journals will automatically indenta credt entry when a credt amount is enderec PAGE 1 JOURNAL ACCOUNTING EQUATION DATE POSTRE DET UITY CREDIT DESCRIPTION Closing Entries 1 2 5 4 NOT Previous Check My Work ir e