chapter 4 Ultimate writer

Mira Services Co. offers its services to individuals desiring to improve their personal images. After the accounts have been adjusted at October 31, the end of the  fiscal year , the following balances were taken from the ledger of Mira Services Co.:

Bonnie Mira, Capital	$930,000
Bonnie Mira, Drawing	13,000
Fees Earned	525,200
Wages Expense	478,000
Rent Expense	71,500
Supplies Expense	11,700
Miscellaneous Expense	13,500

Journalize the four entries required to close the accounts. Refer to the Chart of Accounts for exact wording of account titles.

CHART OF ACCOUNTS
Mira Services Co.
General Ledger
ASSETS 11 Cash 12 Accounts Receivable 13 Prepaid Rent 14 Supplies LIABILITIES 21 Accounts Payable 22 Wages Payable 23 Unearned Fees EQUITY 31 Bonnie Mira, Capital 32 Bonnie Mira, Drawing 33 Income Summary	REVENUE 41 Fees Earned EXPENSES 51 Wages Expense 52 Rent Expense 53 Supplies Expense 54 Miscellaneous Expense

Journalize the four entries required to close the accounts. Refer to the Chart of Accounts for exact wording of account titles.

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JOURNAL

	DATE	DESCRIPTION	POST. REF.	DEBIT	CREDIT
1		Closing Entries
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