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:

Retained Earnings $2,650,000

Dividends 10,000

Fees Earned 1,050,000

Wages expense 886,000

Rent expense 185,000

Supplies expense 26,200

Misc. expense 28,600

Assets 1,000,000

Liabilities 900,000

Journalize the entries required to close the nominal accounts

Part B

Outline the steps in the accounting cycle in their proper order