Answer:
April 30
Dr Fees earned 356,500
Cr Income summary356,500
April 30
Dr Income summary 363,600
Cr Wages expense 283,100
Cr Rent expense 56,000
Cr Supplies expense 11,500
Cr Miscellaneous expense 13,000
April 30
Dr Felix Goodwin, capital 7,100
Cr Income summary 7,100
April 3.0
Dr Felix Goodwin, capital 10,500
Cr Felix Goodwin, drawing 10,500
Explanation:
Preparation of the journal entry for the two entries required to close the accounts.
April 30
Dr Fees earned 356,500
Cr Income summary356,500
April 30
Dr Income summary 363,600
(283,100+56,000+11,500+13,000)
Cr Wages expense 283,100
Cr Rent expense 56,000
Cr Supplies expense 11,500
Cr Miscellaneous expense 13,000
April 30
Dr Felix Goodwin, capital 7,100
Cr Income summary 7,100
(363,600-356,500)
April 3.0
Dr Felix Goodwin, capital 10,500
Cr Felix Goodwin, drawing 10,500
