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	$570,000
Dividends	35,000
Fees Earned	257,000
Wages Expense	225,200
Rent Expense	53,600
Supplies Expense	13,100
Miscellaneous Expense	6,300

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
Aug. 31 Close expenses
Aug. 31 Close net income/net loss
Aug. 31 Close dividends