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 Hillcrest Landscaping Co.:

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 Hillcrest Landscaping Co Retained Earnings Dividends Fees Earned Wages Expense Rent Expense Supplies Expense Miscellaneous Expense $630,340 45,000 582,115 389,100 93,400 35,020 11,675 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 Fees Earned Income Summary July 31 Close expenses Income Summary Wages Expense Rent Expense Supplies Expense Miscellaneous Expense July 31 Close income/loss Income Summary Retained Earnings Retained Earnings Dividends July 31 Close dividends