Closing Entries with Net Loss Rainbow Services Co. offers its services to individuals desiring to improve their personal images. After the accounts have been adjusted at August 31, the end of the fiscal year, the following balances were taken from the ledger of Rainbow Services Co. Retained Earnings $520,000 Dividends 32,000 Fees Earned Wages Expense Rent Expense 234,000 205,400 48,900 12,000 5,700 Supplies Expense Miscellaneous Expense Journalize the four entries required to close the accounts. If an amount box does not require an entry, leave it blank. Aug. 31 Close revenues Fees Earned 234,000 Income Summary 234,000 Aug. 31 Close expenses Income Summary 272,000 Wages Expense 205,400 Rent Expense Supplies Expense Miscellaneous Expense 48,900 12,000 5,700 Purchases Transactions Nieman Company purchased merchandise on account from a supplier for $13,200, terms 1/10, n/30. Nieman returned $2,100 of the merchandise and received full credit. a. If Nieman Company pays the invoice within the discount period, what is the amount of cash required for the payment? If required, round the answer to the nearest dollar. $ 10,989 b. What account is debited by Nieman Company to record the return? Accounts Payable