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Closing Entries with Net Loss Summit Services Co . offers its services to individuals desiring to improve their personal images. After the accounts have been

Closing Entries with Net Loss
Summit Services Co. offers its services to individuals desiring to improve their personal images. After the accounts have been adjusted at May 31, the end of the fiscal year, the following balances were taken from the ledger of Summit Services:
Line Item Description Amount
Fees Earned $279,000
Dividends 38,000
Rent Expense 58,300
Retained Earnings 620,000
Supplies Expense 14,300
Wages Expense 244,900
Miscellaneous Expense 6,800
Journalize the closing entries required to close the accounts. If an amount box does not require an entry, leave it blank.
DateAccountDebitCredit
May 31
May 31

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