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: Fees Earned Dividends $189,000 26,000 Rent Expense 39,500 Retained Earnings 420,000 Supplies Expense 9,700 Wages Expense 165,900 Miscellaneous Expense 4,600 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 May 31 Retained Earnings Wages Expense Rent Expense Supplies Expense Miscellaneous Expense Retained Earnings Dividends 00 66 X 165,900 39,500 9,700 4,500 777 X 26,000 Check My Work Previous Next