Rainbow Services Co. offers its services to individuals desiring to improve their personal images. After the accounts have been adjusted at August 31, the end of the fiscal year, the following balances were taken from the ledger of Rainbow Services Co. Retained Earnings $630,000 Dividends 39,000 Fees Earned 284,000 Wages Expense 248,900 Rent Expense 59,200 Supplies Expense Miscellaneous Expense. 14,500 6,900 Journalize the four entries required to close the accounts. If an amount box does not require an entry, leave it blank. Aug. 31 Close revenues Fees Earned Income Summary 284,000 V 284,000 Aug. 31 Close expenses Income Summary 284,000 X Wages Expense 248,900 Rent Expense 59,200 Supplies Expense 14,500 Miscellaneous Expense 6.900 V Aug. 31 Close net income/net loss Retained Earnings 630,000 X Previous Next