EE 4-4 After the accounts have been adjusted at December 31, the end of the fiscal year, thefollowing balances were taken from the ledger of Magenta Delivery Services Co.:Ellie Liu, CapitalEllie Liu, Drawing$8,366,30070,000Fees Earned1,644,500Wages Expense1,239,200Rent Expense109,400Supplies Expense26,800Miscellaneous Expense19,300Journalize the two entries required to close the accounts.

EE 4-4 After the accounts have been adjusted at December 31, the end of the fiscal year, the following balances were taken from the ledger of Magenta Delivery Services Co.: Ellie Liu, Capital $8,366,300 Ellie Liu, Drawing 70,000 Fees Earned 1,644,500 Wages Expense 1,239,200 Rent Expense 109,400 Supplies Expense 26,800 Miscellaneous Expense 19,300 Journalize the two entries required to close the accounts.

EE 4-4 After the accounts have been adjusted at December 31, the end of the fiscal year, the following balances were taken from the ledger of Magenta Delivery Services Co.: Ellie Liu, Capital $8,366,300 Ellie Liu, Drawing 70,000 Fees Earned 1,644,500 Wages Expense 1,239,200 Rent Expense 109,400 Supplies Expense 26,800 Miscellaneous Expense 19,300 Journalize the two entries required to close the accounts.

Corporate Financial Accounting

14th Edition

ISBN:9781305653535

Author:Carl Warren, James M. Reeve, Jonathan Duchac

Publisher:Carl Warren, James M. Reeve, Jonathan Duchac

Chapter4: Completing The Accounting Cycle

Section: Chapter Questions

Problem 4.4BE

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