Please be sure of your answers and please explain how to calculate retained earnings!

Please be sure of your answers and please explain how to calculate retained earnings!

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 $230,000 32,000 47,900 510,000 Dividends Rent Expense Retained Earnings Supplies Expense Wages Expense Miscellaneous Expense 11,700 201,500 5,600 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 Retained Earnings Wages Expense Rent Expense Supplies Expense Miscellaneous Expense May 31 Retained Earnings Dividends