Closing Entries

After the accounts have been adjusted at July 31, the end of the fiscal year, the following balances were taken from the ledger of Cabriolet Services Co.:

Retained Earnings $659,300

Dividends 42,000

Fees Earned 683,110

Wages Expense 448,500

Rent Expense 107,600

Supplies Expense 40,365

Miscellaneous Expense 13,455

Journalize the four entries required to close the accounts. If an amount box does not require an entry, leave it blank.

July 31 Close revenues

Retained Earnings

Dividends

July 31 Close expenses

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July 31 Close income/loss

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July 31 Close dividends

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