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fter the accounts have been adjusted at April 30, the end of the fiscal year, the...

fter the accounts have been adjusted at April 30, the end of the fiscal year, the following balances were taken from the ledger of Nuclear Landscaping Co.:

Felix Godwin, Capital $380,190
Felix Godwin, Drawing 36,000
Fees Earned 355,925
Wages Expense 275,500
Rent Expense 66,100
Supplies Expense 24,795
Miscellaneous Expense 8,265

Journalize the two entries required to close the accounts.

For a compound transaction, if an amount box does not require an entry, leave it blank.

Apr. 30 Felix Godwin, Capital
Fees Earned
Wages Expense
Rent Expense
Supplies Expense
Miscellaneous Expense
Apr. 30 Felix Godwin, Capital
Felix Godwin, Drawing

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Answer #1
Journal entries
Date Accounts title and explanations Debit $ Credit $
a.   Godwin Capital 18,735
Fees earned 3,55,925
     Wages expense 2,75,500
     Rent expense 66100
     Suplies xpense 24795
     Misc. expense 8,265
(for closing revenue and expenses)
b. Godwin Capital 36000
    Godwin Drawings 36000
(for closing the drawings account)
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