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

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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 31 the end of the fiscal year the following balance were taken from the ledger of Summit Services Fees Earned Dividends Rent Expense Retained Earnings Supplies Expense Wages Expense Miscellaneous Expense 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 207 000 Retained Earnings Wages Expense Rent Expense Supplies Expense Miscellaneous Expense May 31 Retained Earnings 207 000 29 000 43 200 460 000 10 600 181 700 5 100 Dividends 397 400 X 0 0 0 0 29 000 0 0 0 181 700 43 200 10 600 5 100 0 29 000

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