PE 4-4A Closing entries

After the accounts have been adjusted at October 31, the end of the fiscal year, the following
balances were taken from the ledger of Silver Gate Delivery Services Co.:
Mira Craig, Capital                    $800,000
Mira Craig, Drawing                   125,000
Fees Earned                                700,000
Wages Expense                          400,000
Rent Expense                               75,000
Supplies Expense                         16,000
Miscellaneous Expense                  5,000

Journalize the four entries required to close the accounts

Answer:
Oct. 31 Fees Earned ........................................................ 700,000
                        Income Summary........................................... 700,000
 31 Income Summary................................................ 496,000
                     Wages Expense ............................................. 400,000
                      Rent Expense................................................. 75,000
                      Supplies Expense.......................................... 16,000
                      Miscellaneous Expense ................................ 5,000
 31 Income Summary ............................................... 204,000
                      Mira Craig, Capital......................................... 204,000
 31 Mira Craig, Capital .............................................. 125,000
                      Mira Craig, Drawing....................................... 125,000