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 $239,000 Dividends 33,000 Rent Expense 49,800 530,000 Retained Earnings Supplies Expense 12,200 Wages Expense 209,400 Miscellaneous Expense 5,800 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 239,000 Retained Earnings 530,000 x Wages Expense 209,400 X Rent Expense 49,800 X Supplies Expense 12,200 X Miscellaneous Expense 2,800 x May 31 Retained Earnings 5,000 X Dividends 5,000 X