Closing entries with net loss Obj. 3 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 $1,150,000 Supplies Expense $ 19,300 Dividends 5,000 Wages Expense 915,000 Rent Expense 200,000 Miscellaneous Expense 31,900 Retained Earnings 450,000 Journalize the closing entries required to close the accounts.

AppendixLO1