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Question

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Closing Entries After 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 Felix Godwin, Drawing Fees Earned Wages Expense Rent Expense Supplies Expense Miscellaneous Expense $949,210 41,000 612,905 479,400 115,100 43,145 14,380 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 Apr 30

Explanation / Answer

Closing entry :

Date accounts & explanation debit credit Apr 30 Fees earned 612905 Felix Godwin' s capital 39120    Wages expense 479400     Rent expense 115100     Supplies expense 43145     miscellaneous expense 14380 (To close revenue and expense) Apr 30 Felix Godwin' s capital 41000     Felix Godwin's drawing 41000 (TO close drawing account)

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