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Closing Entries with Net Loss Summit Services Co. offers its services to individuals desiring to...

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Accounting

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Closing Entries with Net Loss Summit Services Co. offers its services to individuals desiring to improve their personal images. After the accounts have been adjusted at May 3 Summit Services: Fees Earned $194,000 Dividends 27,000 Rent Expense 40,400 Retained Earnings 430,000 Supplies Expense 9,900 Wages Expense 169,900 Miscellaneous Expense 4,700 Journalize the closing entries required to close the accounts. If an amount box does not require an entry, leave it blank. May 31 Fees Earned 275,000 X Retained Earnings 44,000 X Wages Expense 241,000 x Rent Expense 57.300 X Supplies Expense 14,000 X Miscellaneous Expense 6,700 X 38,000 X May 31 Retained Earnings Dividends 38,000 X

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