Closing Entries After the accounts have been adjusted at May 31, the end of the fiscal year, the following balances were taken from the ledger of Cabriolet Services Co.: Line Item Description Amount Retained Earnings $322,320 Dividends 48,000 Fees Earned 481,285 Wages Expense 316,000 Rent Expense 75,800 Supplies Expense 28,440 Miscellaneous Expense 9,480 Journalize the two entries required to close the accounts. If an amount box does not require an entry, leave it blank.