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:

Journalize the closing entries required to close the accounts. If an amount box does not require an entry, leave it blank.

May $31$ Fees Earned $>$

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 $31$