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: Journalize the closing entries required to close the accounts, If an amount box does not require an entry, leave it blank. Journalize the closing entries required to close the accounts. If an amount box does not require an entry, leave it blank