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Ch 4-2 Practice ExerciseseBookShow Me HowPrint ItemClosing EntriesAfter 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, CapitalFelix Godwin, DrawingFees EarnedWages ExpenseRent ExpenseSupplies ExpenseMiscellaneous Expense1. PE.04-01A2. PE.04-02 ALGO$328,95036,000425,440322,50077,40029,0259,6753. PE.04-03A4. PE-04-04-ALGO5. PE.04-05AJournalize the two entries required to close the accountsFor a compound transaction, if an amount box does not require an entry, leave it blank.Cash x425,400 XFees EarnedWages ExpenseRent ExpenseSupplies Expense VMiscellaneous Expense425,400 | Х322,500 | Х77,400 X9,025 X9,675XApr. 30Felix Godwin, Drawing x36,000 VFelix Godwin, Capital x474,600 | ХFeedbackCheck Myork 1 more Check My Work uses remainingPreviousNextProgress: 4/5 itemsAssignment Score: 63.86%All work savedEmail InstructorSave and Exit Submit Assignment for Grading

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Hi, I'm stuck on this homework problem. I tried it once and used the Check my Work tool but it says its incorrect. Can you please help me to see where I went wrong and explain how to get the values? I thought I had them correct but I'm completely lost now.

Ch 4-2 Practice Exercises
eBook
Show Me How
Print Item
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
1. PE.04-01A
2. PE.04-02 ALGO
$328,950
36,000
425,440
322,500
77,400
29,025
9,675
3. PE.04-03A
4. PE-04-04-ALGO
5. PE.04-05A
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.
Cash x
425,400 X
Fees Earned
Wages Expense
Rent Expense
Supplies Expense V
Miscellaneous Expense
425,400 | Х
322,500 | Х
77,400 X
9,025 X
9,675X
Apr. 30
Felix Godwin, Drawing x
36,000 V
Felix Godwin, Capital x
474,600 | Х
Feedback
Check My
ork 1 more Check My Work uses remaining
Previous
Next
Progress: 4/5 items
Assignment Score: 63.86%
All work saved
Email InstructorSave and Exit Submit Assignment for Grading
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Ch 4-2 Practice Exercises eBook Show Me How Print Item 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 1. PE.04-01A 2. PE.04-02 ALGO $328,950 36,000 425,440 322,500 77,400 29,025 9,675 3. PE.04-03A 4. PE-04-04-ALGO 5. PE.04-05A 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. Cash x 425,400 X Fees Earned Wages Expense Rent Expense Supplies Expense V Miscellaneous Expense 425,400 | Х 322,500 | Х 77,400 X 9,025 X 9,675X Apr. 30 Felix Godwin, Drawing x 36,000 V Felix Godwin, Capital x 474,600 | Х Feedback Check My ork 1 more Check My Work uses remaining Previous Next Progress: 4/5 items Assignment Score: 63.86% All work saved Email InstructorSave and Exit Submit Assignment for Grading

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Step 1

First entry is to close the revenues accounts by debiting the respective revenues account and close the expenses accounts by crediting the respective expenses accounts and net difference between the two is transferred to Capital account.

The Closing entry is as above.

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Step 2

Second closing entry is to close the drawings account (having debit balance) by crediting th...

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