Question

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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 of the fiscal year, the following balances were taken from the ledger of Summit Services: $604,560 15,600 523,800 Fees Earned Dividends Rent Expense Retained Earnings Supplies Expense Wages Expense Miscellaneous Expense 474,000 72,000 10,960 14.000 Journalize the closing entries required to close the accounts. Refer to the Chart of Accounts for exact wording of account bles.

Answer 1

Date	Accounts title	Debit	Credit	Assets	Liabilities	Equity
May-31	Fees earned	$604,560				+ 604,560
	Retained earnings	$16,200				- 16,200
	Rent Expense		$523,800			- 523,800
	Supplies expense		$72,000			- 72,000
	Wages expenses		$10,960			- 10,960
	Miscellaneous expense		$14,000			- 14,000
May-31	Retained earnings	$15,600				- 15,600
	Dividends		$15,600			+ 15,600