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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
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: $599,900 12,400 Fees Earned Dividends Rent Expense Retained Earnings Supplies Expense Wages Expense Miscellaneous Expense 524,100 478,000 66,000 12,000 14,000 Joumalize the closing entries required to close the accounts. Refer to the Chart of Accounts for exact wording of account titles ASSETS REVENUE 11 Cash 41 Fees Earned 12 Accounts Receivable 13 Prepaid Rent EXPENSES 14 Supplies 51 Wages Expense 52 Rent Expense LIABILITIES 53 Supplies Expense 21 Accounts Payable 54 Miscellaneous Expense 22 Wages Payable 23 Unearned Fees EQUITY 31 Common Stock 32 Retained Earnings 33 Dividends
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