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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:

Line Item Description	Amount
Fees Earned	$180,000
Dividends	25,000
Rent Expense	37,600
Retained Earnings	400,000
Supplies Expense	9,200
Wages Expense	158,000
Miscellaneous Expense	4,400

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

Date	Account	Debit	Credit
May 31
May 31