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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.:
Fraser Smart, Capital
$3,550,000
Fraser Smart, Drawing
40,000
Fees Earned
1,145,000
Wages Expense
740,000
Rent Expense
65,000
Supplies Expense
14,750
Miscellaneous Expense
8,800
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
DATE
ACCOUNT TITLE
POST. REF.
DEBIT
CREDIT
1
Closing Entries
2
3
4
5
6
7
8
9
10
11
12
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