Closing entries
After the accounts have been adjusted at May 31, the end of the fiscal year, the following balances were taken from the ledger of Cabriolet
Services Services:
Bashir Yousif, Capital $530,550
Bashir Yousif, Drawing 47,000
Fees Earned 538,770
Wages Expense 353,700
Rent Expense 84,900
Supplies Expense 31,835
Miscellaneous Expense 10,610
Journalize the two entries required to close the accounts. If an amount box does not require an entry, leave it blank.