Answer and Explanation:
The Journal entries are shown below:-
1. Fee Income Dr, $26,000
To Income Summary $26,000
(Being transfer of fees income is recorded)
2. Income Summary Dr, $13,150
To Utilities Expenses $500
To Salaries Expenses $10,400
To Rent Expenses $1,000
To Supplies Expenses $400
To Depreciation Expenses-Equipment $850
(Being transfer of all expense is recorded)
3. Income Summary Dr, $6,850
To Jason Jamison, Capital $6,850
(Being capital transfer is recorded)
4. Jason Jamison, Capital Dr, $1,500
To Jason Jamison, Drawing $1,500
(Being transfer drawings to capital account is recorded)
