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 $185,000 25,000 Rent Expense 38,500 Retained Earnings 410,000 Supplies Expense 9,400 Wages Expense 162,000 4,500 Miscellaneous Expense 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 185,000 Retained Earnings Wages Expense Rent Expense Supplies Expense Miscellaneous Expense May 31 Retained Earnings Dividends 162,000 38,500 9,400 4,500 25,000 25,000