PE 4-4B Closing entries

After the accounts have been adjusted at June 30, the end of the fiscal year, the following
balances were taken from the ledger of Hillcrest Landscaping Co.:
Bryan Orr, Capital                     $275,000
Bryan Orr, Drawing                      25,000
Fees Earned                                 400,000
Wages Expense                           280,000
Rent Expense                                40,000
Supplies Expense                           3,000
Miscellaneous Expense                 12,000

Journalize the four entries required to close the accounts.

Answer:
June 30 Fees Earned ........................................................ 400,000
                          Income Summary........................................... 400,000
 30 Income Summary................................................ 335,000
                         Wages Expense ............................................. 280,000
                          Rent Expense................................................. 40,000
                          Supplies Expense.......................................... 3,000
                          Miscellaneous Expense ................................ 12,000
 30 Income Summary................................................ 65,000
                         Bryan Orr, Capital.......................................... 65,000
 30 Bryan Orr, Capital............................................... 25,000
                          Bryan Orr, Drawing........................................ 25,000