After the accounts have been adjusted at October 31, the end of the fiscal year, the following balances were taken from the ledger of Smart Delivery Services Co.:
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Fraser Smart, Capital
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$3,550,000
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Fraser Smart, Drawing
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40,000
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Fees Earned
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1,145,000
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Wages Expense
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740,000
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Rent Expense
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65,000
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Supplies Expense
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14,750
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Miscellaneous Expense
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8,800
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Journalize the four entries required to close the accounts. Refer to the Chart of Accounts for exact wording of account titles.
Journalize the four entries required to close the accounts. Refer to the Chart of Accounts for exact wording of account titles.
PAGE 11
GENERAL JOURNAL
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DATE
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ACCOUNT TITLE
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POST. REF.
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DEBIT
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CREDIT
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1
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Closing Entries
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2
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3
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4
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5
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6
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7
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8
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9
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10
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11
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12
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