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 $212,000 29,000 Rent Expense 44,200 Retained Earnings 470,000 Supplies Expense 10,800 Wages Expense 185,700 Miscellaneous Expense 5,200 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 Retained Earnings Wages Expense Rent Expense Miscellaneous Expense May 31 Retained Earnings Dividends 000000 00 00 000000 33