Closing entries Obj. 3 After the accounts have been adjusted at November 30, the end of the fiscal year, the following balances were taken from the ledger of Diamond Landscaping Co.:

Retained Earnings $2,550,000 Dividends 25,000 Fees Earned 1,150,000 Wages Expense 613,750 Rent Expense 120,000 Supplies Expense 9,150 Miscellaneous Expense 11,000 Journalize the two entries required to close the accounts.

AppendixLO1