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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 balances were taken from the ledger of Summit Services:

Fees Earned	$599,900
Dividends	12,400
Rent Expense	524,100
Retained Earnings	478,000
Supplies Expense	66,000
Wages Expense	12,000
Miscellaneous Expense	14,000

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

CHART OF ACCOUNTS Summit 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 Common Stock 32 Retained Earnings 33 Dividends REVENUE 41 Fees Earned EXPENSES 51 Wages Expense 52 Rent Expense 53 Supplies Expense 54 Miscellaneous Expense

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

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JOURNAL

ACCOUNTING EQUATION

	DATE	DESCRIPTION	POST. REF.	DEBIT	CREDIT	ASSETS	LIABILITIES	EQUITY
1		Closing Entries
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