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	$604,560
Dividends	15,600
Rent Expense	523,800
Retained Earnings	474,000
Supplies Expense	72,000
Wages Expense	10,960
Miscellaneous Expense	14,000

CHART OF ACCOUNTS

Summit Services Co.

General Ledger

	ASSETS
11	Cash
12	Accounts Receivable
13	Prepaid Rent
14	Supplies

	LIABILITIES
21	Accounts Payable
22	Wages Payable
23	Unearned Fees

	EQUITY
31	Common Stock
32	Retained Earnings
33	Dividends

	REVENUE
41	Fees Earned

	EXPENSES
51	Wages Expense
52	Rent Expense
53	Supplies Expense
54	Miscellaneous Expense

CHART OF ACCOUNTS

Summit Services Co.

General Ledger

	ASSETS
11	Cash
12	Accounts Receivable
13	Prepaid Rent
14	Supplies

	LIABILITIES
21	Accounts Payable
22	Wages Payable
23	Unearned Fees

	EQUITY
31	Common Stock
32	Retained Earnings
33	Dividends

	REVENUE
41	Fees Earned

	EXPENSES
51	Wages Expense
52	Rent Expense
53	Supplies Expense
54	Miscellaneous Expense

Journalize the closing entries required to close the accounts. Refer to the Chart of Accounts for exact wording of account titles.

PAGE 11

JOURNAL

ACCOUNTING EQUATION

	DATE	DESCRIPTION	POST. REF.	DEBIT	CREDIT	ASSETS	LIABILITIES	EQUITY
1		Closing Entries
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