Closing Entries with Net Loss Summit Services Ca offers ns services to individuals desiring to improve their personal ages. After the accounts have been adjusted at May 31, the end of the othe were taken from the ledger of Summit Services Fees Earned $207,000 Dividends 29,000 Rent Expense 43,200 Retained Earnings 460,000 Supplies Expense 10,000 Wages Expense Miscelaneous Expen 181,700 5,100 Journalise the closing entries required to close the accounts. If an amount box does not require an entry, leave it May 31 Lamed Wages Coperne Best Exammas . 101.700 41.300 . 10,400 May 31 Balaines Larnings tends 25,000 29.000 Chak My Wo The preparation of closing entries is an important step in the accounting cycle. The purpose is to jere out balances in temporary accounts by eg the SPO Tmporary accounts are asunts that are only ined for a specific time period, usually one accounting per Previous Nest