Question

After the accounts have been adjusted at December 31, the end of the fiscal year, the following balances were taken from the ledger of Pioneer Delivery Services Co.:
Kerry Buckner, Capital. $9,556,300
Kerry Buckner, Drawing 80,000
Wages Expense 1,878,400
Rent Expense 1,415,500
Supplies Expense 125,000
Fees Earned 30,600
Miscellaneous Expense 22,100
Journalize the two entries required to close the accounts.

Answer 1

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