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 $221,000 Dividends 30,000 Rent Expense 46,100 Retained Earnings 490,000 Supplies Expense 11,300 Wages Expense 193,600 Miscellaneous Expense 5,400 Dividends Fees Earned Supplies Expense Rent Expense Wages Expense Journalize the closing entries required to close the accounts. If an amount box does not require an entry, leave it blank. May 31 May 31 Il