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 $964,080
Felix Godwin, Drawing 28,000
Fees Earned 632,080
Wages Expense 494,400
Rent Expense 118,700
Supplies Expense 44,495
Miscellaneous Expense 14,830
Journalize the two entries required to close the accounts.

The answer is given below

Explanation:

It should be noted that during the calculation, the total expense was gotten as $672,425 and this includes the rent, wages, supplies and miscellaneous expenses. The expense was higher than the fees earned of $632,080 by $40,345. Therefpre, the loss of $40,345 decreases the capital account and the capital account was debited.

Lastly, while close the drawings account, the capital account was debited and the drawings account was credited by $28,000.

Check the attachment for the journal

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